Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

Resistance levels: $6,800, $7,000, $7,200

Support levels: $6,300, $6,100, $5,900

Yesterday, the BTCUSD pair was ranging above the $6,500 price level for a possible breakout. Also, a suggestion was made that the BTC price inability to break the $6,800 price level might attract a bearish breakout. Today, the BTC price is approaching the $6,400 price level and if price falls, sellers will have upper hand over the buyers.

However, if the $6,400 price level is broken, then price is likely to test the $6,200 price level. Nevertheless, if the $6,200 price level is broken, the support zone of $5,900-$6,000 would be under threat. 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 below the 12-day EMA and the 26-day EMA which indicates that a  bearish trend is ongoing.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the BTC price is in a  downward trend. The cryptocurrency fell to the low of $6,456.58, then was ranging for a while. The Relative Strength Index period 14 is level 34 which indicates that the market is oversold signaling  bears’ exhaustion suggesting bulls to take control of the market.

 

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