Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $7,400, $7,500, $7,600

Support levels: $7,200, $7,100, $7,000

Yesterday, July 18th, the price of Bitcoin was in a bullish trend. Today, Bitcoin price is now in a range bound movement. From the daily chart, the reason is that the bullish trend line has been broken by a bearish candlestick and the candlestick closed on the opposite of the trend line.

Traders ought to exit their long positions pending when we have another buying opportunity. 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 indicates that the bullish trend is ongoing. In technical analysis, the price action is superior to the indicator results because indicators lag behind the price action. However, since the bullish trend has been interrupted by the bears, a buy order is not appropriate.

BTCUSD Short-term Trend: Bullish 

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the price of Bitcoin is in a range bound movement. From the chart, the price of  Bitcoin is fluctuating and moving in a horizontal pattern. The price of Bitcoin had broken the trend line and the candlestick closed. Meanwhile, the  RSI period 14 is level 65 which indicates that the price of Bitcoin is in the in the bullish trend zone.

                                                                 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.