BTCUSD Medium-term Trend: Bearish
Resistance levels: $6,400, $6,500, $6,600
Support levels: $6,200, $6,100, $6,000
Last week, the price of Bitcoin was in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicate that the bearish trend is ongoing.
However, volatility has reached a 6 month low indicating that a reversal in the medium to long term trend may occur soon.
BTCUSD Short-term Trend: Bullish
On the 4-hour chart, the price of Bitcoin has commenced a bullish movement. The price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates that the price of Bitcoin is bullish. The relative strength index period 14 is level 58 which indicates that price is almost at the bullish trend.
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