BTCUSD Medium-term Trend: Ranging
Resistance Levels: $6,150, $6,200, $6,250
Support Levels: $6,000, $5,950, $ 5,900
Yesterday, June 27, Bitcoin’s price was in a range bound movement. Today, the range-bound movement continued. The cryptoasset has been fluctuating above the $6,000 price level for four days. From the weekly chart, its price fell to a low of $5,850 on June 24, and made a pullback above the $6,000 price level. It faced resistance at $6,307.
This led to fluctuation between $6,307 and $5,850. Indicators show a neutral signal as the MACD and signal lines are on par with the zero line. The 12- day EMA and 26-day EMA are neither above nor below Bitcoin’s price bars, which indicates that the market is ranging. Traders can adopt a range bound market strategy to trade.
If the price tests the resistance level, a short trade should be taken, with an exit near the support zone. A stop loss should be entered above the resistance level. On the other hand, if the price tests the support level, a long trade should be taken and a stop loss below the support level should be entered. In this case, exit near the resistance level.
BTCUSD Short-term Trend: Ranging
On the daily chart, Bitcoin is range bound at the price of $6,100. The relative strength index period 14 is at 41 which indicates that its price is in the range bound zone.
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