Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,400, $6,200, $6,000

Last week the price of Bitcoin was in a bullish trend. On October 15, the crypto’s price reached the high of $7.788 in a price rally but pulled back to the low of $6,742. The digital currency became range bound at that price level for two days before falling to the low of $6,525. Today, the BTC price is ranging above $6,500 price level.

The cryptocurrency is likely to continue its range bound movement because the 12-day EMA and the 26-day EMA are horizontally flat. Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicates that price is in the sideways trend zone.

On the 1-hour chart, the BTC price is in a bullish trend. On October 22, the crypto’s price fell to the low of $6,578.45 and commenced a range bound movement. Meanwhile, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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