BTCUSD Medium-term Trend: Bullish
Resistance levels: $6,800, $7,000, $7,200
Support levels: $6,300, $6,100, $5,900
The BTCUSD pair was in a bearish trend yesterday. The bearish trend was symbolic because it was an act of price correction. From the chart, on September 20, and at a price of $6,374.28, the bulls took price to the high of $6,832.47. The price corrected itself as the bears took BTC to the low of $6, 449.20. The price at $6,400 is the upper level of the previous price range.
Presently, the price of Bitcoin is making a bullish movement to the previous highs. It is likely to face resistance at the $6,520 and $6,520 price levels. On the other hand, if the price breaks the $6,400 price level, the BTC price will resume its range bound movement in the bearish trend zone. Nevertheless, 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 a bearish trend is ongoing.
BTCUSD Short-term Trend: Ranging
On the 4-hour chart, the BTC price is in a sideways trend. The cryptocurrency fell to the price above $6,400 and commenced a range bound movement. The Relative Strength Index period 14 is level 41 which indicates that the price is in the sideways trend zone.
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