Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $7,000, $7,200, $7,400

Support levels: $6,500, $6,300, $6,100   

The price of Bitcoin had been in a sideways trend. On October 19, when the BTC price fell to the low of $6,525.10, the cryptocurrency began its fluctuations above the $6,500 price level. As the price is fluctuating above the $6,500, the price bars, exponentials moving averages (EMAs), and Relative Strength Index are horizontally flat indicating a sideways trend.

The demand and supply are said to be in equilibrium at the $6,500 price level. Trade recommendation is unnecessary as the market has a choppy price action. Meanwhile, the Relative Strength index period 14 is level 51 which indicates that the price is in a sideways trend zone. The cryptocurrency is likely to continue its sideways trend but a breakout is imminent.                                                                                                                                                                                    

BTCUSD Short-term Trend: Bearish   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the short term trend, bitcoin is in a bearish trend. The bearish trend of October 21 fell to the low of $6,540.20 and commenced a bullish movement to the high of $6,605.40. The price of Bitcoin is above the 12-day EMA and 26-day EMA which indicates that the price is rising.                                                                                                                                                                                                                                                                          

 

 The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.