BTCUSD Medium-term Trend: Bullish
Resistance levels: $6,600, $6,800, $7,000
Support levels: $6,200, $6,000, $5,800
The price of Bitcoin was in a bullish trend yesterday. After being initially repelled the bulls broke the $6,400 price level and are presently approaching the $6,600 price level. At this point, we can assume that the bulls might have crossed the first hurdle at the $6,400 price level. There is one more hurdle at the $7,400 price level where we had a sudden price spike on September 5th.
If the bulls overcome the hurdle at the $7,400 price level, the BTC price will attain the $8,500 price level. Today, the price of Bitcoin is heading towards the direction of the resistance level at $7,400. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and 26-day EMA which indicates that the price was previous falling.
BTCUSD Short-term Trend: Bullish
On the 4-hour chart, the BTC price is in a bullish trend. The price of Bitcoin is making a series of higher highs and higher low as it targets the previous highs of $7,500 and 8,500. The BTC price is above the 12-day EMA and 26-day EMA which indicates that the price is rising. Meanwhile, the Relative Strength Index period 14 is level 65 which indicates that the price is in a bullish trend zone.
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