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 BTCUSD pair had been range bound above the $6,500 price level in the last two weeks. On October 27, the bitcoin price fell to the low of $6,400 and commenced a range bound movement. BTC now fluctuates above the $6,400 price level but below the exponential moving averages ( EMAs).  As the price is below the EMAs, the price of Bitcoin is likely to fall.

In the same vein, the stochastic indicator shows a low value below 20. This means that the market is said to be oversold. A low value indicates that the momentum is strong on the downside and the price of Bitcoin is likely to fall for some time. As the market goes down the support level at $6,000 could be revisited. Traders are to stick to their short trades and long trades would not be recommended.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.

BTCUSD Short-term Trend: Ranging   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View    

On the short term trend, Bitcoin is in a sideways trend. The price of Bitcoin is below the 12-day EMA and  the 26-day EMA which indicates that the price is in the bearish trend zone. The Relative Strength Index period 14 is level 43 which indicates that the price is in the sideways trend zone.                                                                                                                                                                                                                                                                         

 

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