BTCUSD Medium-term Trend: Bearish
Resistance: $6,800, $6,900, $7,000
Support: $6,600, $6,500, $6,400
Last week, price of Bitcoin had been in range-bound levels of $8,000 and $7,000. The price of the asset only fluctuated within the levels without any breakout. Today, the 20-day moving average and the 50-day moving average are trending southward indicating that price of Bitcoin has fallen.The asset fell from the high of $7,625,70 to the low of $ 6,695.3. Price of Bitcoin had fallen to repeat the low of $6,687.54, on April 6, 2018.
Presently, the asset is consolidating at a price of $6,661 for a possible change of trend. Meanwhile, the relative strength index period 14 is level 53 indicates that price of the asset is in the range bound zone. Traders will have to wait until the selling pressure is over. Bitcoin is currently trading at $6,761.13 as at the time of writing.
BTCUSD Short-term Trend: Bearish
On the daily chart, price of the asset is in a bearish trend. The asset fell from the high of $7,200 to the low of $6,700. Later, Bitcoin resumed a range bound movement. However, if the asset falls again to the low of $6,000, traders should initiate long orders, as $6,000 is considered a long term support.
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