BTCUSD Medium-term Trend: Bearish
Resistance levels: $6,500, $6,700, $6,900
Support levels: $6,300, $6,100, $5,900
The price of Bitcoin was in a sideways trend. On September 5, the BTC price fell to the low of $6,294.72 but closed at $6,450.89. At the $6,400 price level, the bulls were facing more selling pressure. For the past seven days, the bulls have not been able to push through the price at $6,400. The price now fluctuates between the levels of $6,400 and $6,200.
The MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Bitcoin is below the 12-day EMA and 26-day EMA which indicates that the overall trend is bearish.
BTCUSD Short-term Trend: Ranging
On the 4-hour chart, the BTC price is range bound. The chart explains that when a bearish candlestick reaches the low of $6,200 it will likely be resisted, then smaller candlesticks will stay in a range bound movement to the high of $6,400 and vice versa. Meanwhile, the Relative Strength Index period 14 is level 42 which indicates that price is in the range bound zone.
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