Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

Resistance levels: $7,000, $7,100, $7,200

Support levels: $6,200, $6,100, $6,000   

The price of Bitcoin has finally broken out of its range bound movement. For the past few days, all the indicators were in favor of the bears having the upper hand in the direction of the market. Yesterday, the price fell to the low of $6,300. However, from the stochastic indicator, the bearish pressure for Bitcoin is not over.

The stochastic is still below 20 and as long as it is at the bottom, the price will continue to be on the downward trend. When it remains longer at the oversold area then the price has a high chance of going down. The crypto’s price is likely to fall to the lows of $6,000 and $6,200. Meanwhile, the price of Bitcoin is below the 12-day EMA and 26-day EMA indicating that the price is in the bearish trend zone.

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 BTC price fell to the low of $6,342.50 and commenced a bullish movement. The price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. The Relative Strength Index period 14 is level 31 indicates that the market is oversold suggesting bulls to take control of the market.                                                                                                                                                                                                                                                                         

 

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