BTCUSD Medium-term Trend: Bullish
Resistance levels: $7,000, $7,200, $7,400
Support levels: $6,300, $6,100, $5,900
The BTCUSD pair had been in a bullish trend since last week, although the price movement was insignificant. On October 29, the bears broke the $6,500 price level and the BTC price fell to the low of $6,330.10, to commence its bullish movement. The crypto’s price is below the 12-day EMA and the 26-day EMA – a bearish trend.
On the other hand, the Stochastic is in the range above 40 which indicates a buy signal and that the bulls are gaining momentum over the bears. The bottom line is that the price of Bitcoin will face resistance at the $6,600 price level. If the price breaks the $6,600 price level it is likely to reach the highs of $6,800 and $ 7,400. But if the price is repelled at the $6,600 price level; Bitcoin will find support at $6,200 or $6,000.
BTCUSD Short-term Trend: Bearish
On the 4-hour chart, the BTC price is in a bearish trend. On November 4, the price of Bitcoin reached the high of $6,529.40 and was resisted . The cryptocurrency is now approaching the previous low. On the lower time frame, the Stochastic is below 80 which gives a sell signal.
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