BTCUSD Medium-term Trend: Bearish
Resistance Levels: $6,600, $6,700, $6,800
Support Levels: $6,400, $6,300, $ 6,200
Yesterday, July 10, the price of Bitcoin was in a bearish trend as it retraced from its recent high of $6,719.30 to test the bullish trend line. The cryptocurrency had tested and broken the trend line thus ending the previous bullish trend. Today, the Bitcoin price has a bearish outlook as price fell to the previous low of $6,253.31.
There are indications that price of Bitcoin may further decline to the $6,000 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing.
BTCUSD Short-term Trend: Bearish.
On the 4-hour chart, the price of Bitcoin is in a downward trend. The cryptocurrency fell to the previous low and commenced a range bound movement. Meanwhile, the relative strength index period 14 is level 31 which indicates the market is oversold suggesting bulls to take control of the market.
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