BTCUSD Medium-term Trend: Bullish
Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,900, $6,800, $6,700
Yesterday, the BTCUSD pair was in a bullish trend and while in the trend the $7,000 price level was broken. As earlier suggested the cryptocurrency will likely pick up momentum to reach the high of $8,500. Today, the BTC price is still in a bullish trend. In the lower time frame, the cryptocurrency is retracing and a bullish trend line is drawn showing the support levels of price.
If the bitcoin price retraces and tests the trend line it is a signal to initiate a long trade. If the BTC price breaks the trend line and the candlestick closes on the opposite of the trend line; it is a signal that the trend is likely to change.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the BTC price is rising.
BTCUSD Short-term Trend: Bullish
From the 4-hour chart, the bitcoin price is in a bullish trend. On the chart, the BTC price is making a series of higher highs and higher lows. Meanwhile, the Relative Strength Index period 14 is level 73 which indicates that price is in the bullish trend zone.
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