BTCUSD Medium-term Trend: Bullish
Resistance levels: $7,400, $7,500, $7,600
Support levels: $7,200, $7,100, $7,000
Yesterday, July 17th, the price of Bitcoin was in a bullish trend. The bulls broke the resistance level of $6,700 after one month of range bound movement.
The cryptocurrency is attempting to reach the high of $7,500 and if the bulls break that level, the price of Bitcoin will likely reach the highs of $8,000 and $8,500.
If it doesn't break the resistance level then Bitcoin price will be in a range bound movement. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that the bullish trend is ongoing.
BTCUSD Short-term Trend: Bullish
On the 4-hour chart, the price of Bitcoin is in a bullish trend. A bullish trend line has been drawn, the trend line will serve two purposes. One, if the bearish red candlestick retraces and tests the trend line, traders should initiate long trades. Two, if price breaks the trend line while retracing and the candlestick closed on the opposite of it. Then the bullish trend is assumed to be over.
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