BTC/USD Long-term Trend: Ranging
Resistance Levels: $6,500, $6,800, $7,100
Support levels: $6,300, $6,000, $5,700
The BTCUSD pair is currently range bound. In the first fifteen days of this month, the BTC price has been depreciated by 7.7% of its capital. In the first four days with an opening balance of $7,036.25, the digital currency was bullish which resulted in $ 7,402.14. Then the BTC price was resisted and was bearish for another four days which made the digital currency to fall to the low of $6,112.76.The $6,000 price level has been the major support level of Bitcoin.
In the last six days of the fifteen days of this month, the price of Bitcoin has been range bound between the levels of $6,200 and $6,400. The price of Bitcoin is facing resistance at the price of $6,400. More buyers were needed to push the price above the $6,400 price level. Then the BTC price will attain the highs of $7,500 and $8,500 .
Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 45 which indicates that price is in the range bound zone.