Bitcoin Price Analysis – July 3

Azeez Mustapha
  • Price of Bitcoin has broken the bearish trend line, the price may likely reverse.
  • The relative strength index period 14 is level  61 which indicates that price of Bitcoin is in the bullish trend zone.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bearish

Resistance Levels: $6,600, $6,700, $6,800

Support Levels: $6,200, $6,100, $ 6,000

Yesterday, July 2, price of Bitcoin was in a bearish trend. A bearish trend line has been drawn to determine when the bearish pressure will be over. The price of the cryptoasset is currently in a range bound movement. However, the price of Bitcoin has broken the bearish trend line.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is continuing.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

On the 4-hour chart, the price of Bitcoin is in a bullish trend. The 12- day EMA and the 26-day EMA are trending northward. Meanwhile, the relative strength index period 14 is level 61 which indicates that price of Bitcoin is in the bullish trend zone.

 

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