Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $6,800, $7,000, $7,200

Support levels: $6,300, $6,100, $5,900

Yesterday, the BTC pair was in a range bound movement above the $6,400 price level. It was suggested that the cryptocurrency was due for a price breakout; either as a breakout to the downside or a breakout to the upside. The BTC price appears to have completed an upside breakout as it breaks through the resistance at $6580 price level. The next hurdle is the price above the $6,700 price level.

The price has been hovering above this level for some time. If the price breaks through the $6,700 and the $7,400 price levels, the price of Bitcoin will pick up momentum to reach the high of $8,500. Presently, the price is expected to reach the $7,400 level. 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 above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the BTC price is in a bullish trend. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising. The Relative Strength Index period 14 is level 63 which indicates that BTC is in the bullish trend zone.

 

 

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