BTCUSD Medium-term Trend: Bearish
Resistance levels: $6,500, $6,600, $6,700
Support levels: $6,400, $6,300, $6,200
Last week the price of Bitcoin was in a bearish trend. In the bearish trend, it was assumed that the critical support level at $6,000 might not be broken by the bears. The bulls lived up to expectation as they defended the support level on August 11th at a price of $6,104.90.80. Today, the price of Bitcoin is in a bullish trend currently trading at a price of $6,412 as at the time of writing.
Traders are expected to look out for buy setups to initiate long trades as the price reaches the high of $ 7,000 price level. Traders are to place their stop loss below the $6,000 price level. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the BTC price fell previously.
BTCUSD Short-term Trend: Bullish
From the 4-hour chart, the BTC price is in a bullish trend. On the chart, the price fell to the low of $6,104.90 and the bulls took control of the price by resisting the bears. Meanwhile, the Relative Strength Index period 14 is level 53 which indicates that the price is in the range bound zone.
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