BTC/USD Medium-term Trend: Bullish
Resistance Levels: $7,400, $7,600, $7,800
Support levels: $7,900, $6,800, $6,900
Last week, the price of Bitcoin was in a bullish trend. In a minimized candlestick, the cryptocurrency is making a series of higher highs and higher lows. The price bars of Bitcoin are above the moving averages indicating the rise of Bitcoin. Price of Bitcoin had established itself above the $7,000 price level.
Today, the BTC price is in a bullish trend. Price is approaching the $7,500 price level. Traders may wish to initiate long trades above the $7,000 price level and a stop loss below the critical level of $7,000. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend. The Relative Strength Index period 14 is level 59 which indicates that price is nearing the bullish trend zone.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a sideways trend. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend.
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