BTCUSD Medium-term Trend: Ranging
Resistance levels: $7,000, $7,200, $7,400
Support levels: $6,300, $6,200, $6,100
The BTCUSD pair was in a sideways trend yesterday. Since November 1, the price of Bitcoin has been sustained above the $6,400 price level. On October 30, the crypto’s price rose from the price of $6,346.60 to the high of $6,615 on November 7. In the same vein, the momentum of price increase on the upside in the range below 80 . However, the Stochastic indicator has fallen below the range of 60.
This was because on November 8, the price of Bitcoin was resisted at the $6.600 price level. The crypto’s price fell to the low of $6,400 and commenced its range bound movement. The appearance of Doji and Spinning tops candlesticks showed the indecision of buyers and sellers at the $6,400 price level. The 12-day EMA and the 26-day EMA are horizontally flat indicating that the price is in the sideways trend.
Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone.
BTCUSD Short-term Trend: Ranging
On the 4-hour chart, the BTC price is in a sideways trend. The crypto’s price is above the 12-day EMA and the 26-day EMA indicating that the price is the bullish trend zone. The Stochastic is in the range below 80 which indicates a buy signal and that the price momentum is increasing on the upside.
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