Bitcoin Price Analysis – July 6

Azeez Mustapha
  • Price of Bitcoin ended its bearish trend at a closing price of $5,858.84.
  • The cryptocurrency ended its bullish trend at $6,627.40 before breaking the bullish trend line.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Ranging

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

Support Levels: $6,400, $6,300, $ 6,200

Yesterday, July 5, price of Bitcoin was in a bullish trend. We made use of the Fibonacci and trend line tools in our previous analysis. Today, be reminded that we have seen the end of a bearish trend at a closing price of $5,858.84. I have seen the end of the short bullish trend which ended at a closing price of $6,627.40, the last green bullish candlestick that tested the trend line as per the daily chart.

Nevertheless, technically, it  is assumed that the bullish trend is over because the price of Bitcoin has broken the trend line and the candlesticks closed on the opposite of it. You can see the two reddish candlesticks on the opposite of the trend line. Meanwhile, the relative strength index period 14 is level 48, confirms that price of Bitcoin is the range bound zone.

The cryptocurrency is likely to range above the $6,000 price level until we see another breakout.

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 MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.

 

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