Bitcoin Price Medium-term Trend: Ranging
Resistance levels: $6,800, $7,000, $7,200
Support levels: $6,400, $6,200, $6,000
On September 29, the BTCUSD pair had been range bound. The price is consolidating for a possible breakout in the days ahead. However, the BTC price has failed to break the $6,800 price level in the last month.
If price breaks the $6,400 support level, the cryptocurrency will revisit the critical support zone of $5,900- $6,000. On the other hand, if price breaks the $6,800 price level, the BTC price will reach the high of $7,400. Volatility is expected in the coming days.
Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Bitcoin is neither above nor below the 12-day EMA and 26-day EMA which indicates that a sideways trend is ongoing.
BTCUSD Short-term Trend: Ranging
On the 4-hour chart, the BTC price is in a range bound movement. Price is moving horizontally above the $6,500 price level. The Relative Strength Index period 14 is level 50 which indicates that price is in the range bound zone.
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