BTCUSD Medium-term Trend: Ranging
Resistance levels: $6,400, $6,500, $6,600
Support levels: $6,400, $6,300, $6,200
Yesterday, August 9th, the BTCUSD pair was in a bearish trend. Yesterday, the price was approaching the $6,000 price and it was assumed that the bulls would defend the support level at $6,000. This was based on the fact that it had not been broken since November 2017. Today, the BTC price is fluctuating above the $6,000 price level.
If this level holds, the cryptocurrency might retest the highs of $8,500 and $9,000. If not, BTC could fall to the lows of $5,450 and $5,000. However, if the support level holds long trades are recommended in anticipation of a bullish trend.
However, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the BTC price was falling.
BTCUSD Short-term Trend: Ranging
From the 4-hour chart, the BTC price is ranging at a price of $ 6,350. Meanwhile, the Relative Strength Index period 14 is level 32 which indicates that the market is oversold suggesting bulls might take control of the market.
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