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.
- Learn How To Make Money With Cryptocurrencies.
- Learn How To Trade With Cryptocurrencies.
- Cryptocurrencies Trading Educational Program
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.