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
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.
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