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
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.
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