Bitcoin Price Analysis – June 29

Azeez Mustapha
  • Today, Bitcoin's overall trend is bearish.
  • Its price is now oversold and consolidating for a possible range bound movement.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bearish

Resistance Levels: $5,900, $6,000, $6,100

Support Levels: $5,700, $5,600, $ 5,400

Yesterday, June 28, Bitcoin was in a range bound movement, after the bulls managed to hold its price above the $6,000 for four days. Today, the overall trend of Bitcoin is bearish. The 12-day EMA and the 26-day EMA are trending southward. The cryptoasset has reached a previous low of $5,850.

However, if the downward trend continues and the previous level is broken the price of Bitcoin will find support at $3,717.91. Meanwhile, the MACD and signal lines are below the signal line which indicates a sell signal.  Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that a bearish trend is continuing.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Tradingview

From the four hour chart, a bearish trend line is drawn showing the resistance levels (lower highs) where traders can short the market. Also, the MACD and signal lines are below the signal line which indicates a sell signal. The price has reached an oversold market condition consolidating for a range bound movement. However, if the downward trend continues the support levels will be breached.

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