Bitcoin Price Analysis – June 20

Azeez Mustapha
  • Price of Bitcoin fluctuates between the levels of $7,000 and $6,225 for about a week.
  • The MACD line and the signal line are below the zero line which indicates a sell signal.

Bitcoin, BTCUSD, CryptoCompare chartSource: CryptoCompare

BTCUSD Medium-term Trend: Ranging

Resistance Levels: $6,750, $6,800, $6,850

Support Levels: $6,650, $6,600, $6,550

Yesterday, June 19, price of Bitcoin was in a range bound movement. The asset traded and closed at a price of $ 6,692.43. Meanwhile, price of Bitcoin fluctuates between the levels of $7,000 and $6,225 for about a week. The price of Bitcoin is choppy and not evenly spread between the resistance level and the support level to enable traders to trade those critical levels.

In the other words, price hardly tests the critical levels.Traders can trade the ranging market with pending orders. From the weekly chart, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of the asset is above the 12-day EMA and 26-day EMA which indicates that the bearish signal is ongoing.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chartSource: CryptoCompare

On the daily chart, price of Bitcoin is in a range bound movement. At the price of $6,700, the asset was trading on a horizontal pattern before it fell to the low of $6,600. Then it commences another range bound movement. Meanwhile, the relative strength index period 14 is level 49 indicates that price is in the range bound zone. A bullish breakout is expected soon.

 

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