BTCUSD Medium-term Trend: Bearish
Resistance levels: $6,400, $6,500, $6,600
Support levels: $6,200, $6,100, $6,000
The price of Bitcoin was in a bearish trend yesterday. On August 14th, the bearish candlestick broke the critical support level but the price pulled back above it. Today, the price of Bitcoin is in a bullish trend. A bearish trend line has been drawn to determine technically whether the $6,000 price level is holding.
The bullish candlesticks have broken the trend line and the candlestick closed on the opposite of it. This indicates that the bearish pressure is over for now.. Traders may wish to initiate long trades and stop-loss orders below the $6,000 price level. The MACD line and the signal line are below the zero line which indicates a sell signal for the BTC price.
Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price was previous falling.
BTCUSD Short-term Trend: Bullish
Bitcoin Chart by Trading View
On the 4-hour chart, the Bitcoin price is in a bullish trend. On the chart, the candlestick on August 4th broke the support level at $6,000 and the bullish candlesticks pulled back. Meanwhile, the Relative Strength Index period 14 is level 56 which indicates that the price is in the range bound trend zone.
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