BTCUSD Medium-term Trend: Bearish
Resistance levels: $6,600, $6,800, $7,000
Support levels: $6,200, $6,000, $5,800
The BTCUSD pair was in a range bound movement fluctuating above the $6,500 price level. Yesterday, as traders we assumed that the price of Bitcoin may experience either a bullish or bearish breakout, after an extended period of low volatility. Today, we have seen a bearish trend that has broken the $6,500 price level.
BTCUSD Short-term Trend: Bearish
On the short term trend, the price of Bitcoin is falling as the price is below the exponential moving averages. Meanwhile, the Relative Strength index period 14 is level 24 which indicates that the market is oversold. The bears are exhausting their bearish pressure at the oversold region of the market. The bulls are to take control of the market.
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