BTCUSD Medium-term Trend: Bullish
Resistance levels: $7,000, $7,200, $7,400
Support levels: $6,800, $6,600, $6,400
Yesterday, the price of Bitcoin broke the $7,000 price level and commenced a range-bound movement. In yesterday’s analysis, the BTC price was retracing and I suggested that if it tested the bullish trend line, traders would be opportune to initiate long trades. On the other hand, if it broke the trend line and the candlestick closed on the opposite of the trend line, then the trend was likely to reverse.
The cryptocurrency is unable to sustain its hold above the $7,000 price level as the price fluctuates below and above the critical level.
The price is likely to bounce back at the trend line support level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the BTC price was rising.
BTCUSD Short-term Trend: Ranging
Bitcoin Chart by Trading View
From the 4-hour chart, the BTC price is in a sideways trend. The BTC price is retracing to the bullish trend line to determine the direction of the price. Meanwhile, the Relative Strength Index period 14 is level 56 which indicates that the price is in the sideways trend zone.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.