Bitcoin Price Analysis – June 19

Azeez Mustapha
  • Price of Bitcoin ranges below and above the price of $6,500.
  • The 12-day EMA and the 26-day EMA are neither below nor above the price of the asset because of the ranging asset.

Bitcoin, BTCUSD, CryptoCompare chart

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

Bitcoin, BTCUSD, CryptoCompare chart

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.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.