BTCUSD Medium-term Trend: Ranging
Resistance Levels: $6,750, $6,800, $6,850
Support Levels: $6,650, $6,600, $6,550
Yesterday, June 18, price of Bitcoin made a bullish movement to the high of $6,722.59. Presently, the asset is fluctuating from the support level at $6,259 to the resistance level at $6,850. Since the asset had been ranging for a week, traders can place pending orders. You can place a buy stop at the resistance level of $6,850 for a bullish breakout.
Similarly, you can place a sell stop at the support level of $6,259 for a bearish breakout. Those trades can be exited at the end of the breakout. Also, the support level of $6,500 had been a good resistance for the bears , traders can use this level to initiate long trades. Then a stop loss below the price of $6,000. Meanwhile, the relative strength index period 14 is level 44 indicates that price of the asset is in the range bound zone.
BTCUSD Short-term Trend: Ranging
On the daily chart, price of Bitcoin is in a range bound movement. The MACD line and the signal line are neither below nor above the zero line; this indicates a neutral signal. In addition, the 12-day EMA and the 26-day EMA are neither below nor above the price of the asset; this is also a neutral signal.
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