BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100
Yesterday, July 9, price of Bitcoin was in a bullish trend. It was assumed yesterday that if price retraced from the recent high and tested the trend line without breaking it, then a long trade should be initiated. Today, the price has retraced, tested and broken the trend line. The implication is that the bullish trend has reversed.
You don’t have to initiate a long trade anymore except price pullback to resume its uptrend. However, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is level 47 which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing.