BTCUSD Medium-term Trend: Bearish
Resistance Levels: $6,200, $6,300,$6,400
Support Levels: $6,000, $5,900, $ 5,800
The Bitcoin price is in a bearish trend and if the $6,000 support level is broken, it will revisit its previous low of $5,893.51.
Meanwhile, the 12-day EMA and the 26-day EMA are above the price bars which indicates that the bullish trend is continuing. However, the MACD line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Short-term Trend: Bearish.
The 4-hour chart shows that Bitcoin was in a downward trend which closed at $6,349.60. Later, the cryptocurrency commenced its range-bound movement. Some of the price bars are trending horizontally making it difficult for traders to initiate trades.
Meanwhile, the relative strength index period 14 is level 32 which indicates that the market is oversold and suggests that the bulls will take control of the market.
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