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

Last week, the price of Bitcoin had been in a range bound movement. The crypto's price had been consolidating above the $6500 in a last one week. On October 27, the bears broke the price at $6,500 and it is now fluctuating above the $6,400. As price is below the moving average, the digital currency is now in the bearish trend zone.

Price is likely to fall and will revisit the previous lows of $6,200 and $6,000. Traders will have to exercise patience to wait for  price to revisit the previous lows before initiating long trades. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the BTC price is in a bullish trend. The digital currency is above the 12-day EMA and the 26-day EMA which indicates that price is rising. Price is expected to rise but may face resistance at $6,502.73 which may cause it to fall.

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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