BTCUSD Medium-term Trend: Bearish
Resistance Levels: $6,300, $6,400, $6,500
Support Levels: $6,100, $6,000, $ 5,900
Yesterday, July 12, the price of Bitcoin was in a bearish trend. In it, some assumed that if BTC broke the support level at $6,000, it would further depreciate to a previous low at $5,893.51. The cryptocurrency fell to the low of $6,163.21 and then entered a bullish movement to a high of $6,255.71.
As the bears failed to break the support level, Bitcoin is likely going to continue with its range bound movement between the levels of $5893.51 and $6,719.30. Meanwhile, the MACD and signal lines are below the zero line which indicates a sell signal. The 12-day EMA and the 26-day EMA are above Bitcoin’s price bars, which indicates a bearish trend is ongoing.
BTCUSD Short-term Trend: Bearish.
On the 4-hour chart, Bitcoin’s outlook bearish. The 12-day EMA and the 26-day EMA are above the price bars indicating the trend. The relative strength index period 14 is level 39 which indicates that the market is oversold, suggesting bulls may take control of the market.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.