BTCUSD Medium-term Trend: Ranging
Resistance levels: $7,300, $7,500, $7,700
Support levels: $7,000, $6,800, $6,600
On September 3, the price of Bitcoin was in a bullish trend. On September 2, the price reached the high of $7,302.27 and retraced to the low of $7,177.09. Thereafter, the price was range bound above the $7,200 price level and attempting to break the resistance at $7,446. Today, the price of Bitcoin is fluctuating above the $7,200 price level.
If price breaks the resistance at $7,446, the cryptocurrency will likely attain the $8,000 price level. Also, 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 was rising.
BTCUSD Short-term Trend: Bullish
From the 4-hour chart, the BTC price is in a bullish trend. The price bars are above the 12-day EMA and 26-day EMA indicating that price is rising. Meanwhile, the Relative Strength Index period 14 is level 62 which indicates that price is in the bullish trend zone.
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