BTC/USD Long-term Trend: Bearish

Resistance Levels: $6,300, $6,400, $6,500
Support levels: $6,100, $6,000, $5,900

Price of Bitcoin has been on a downward trend since the previous month. For the whole of June 2018, the price of Bitcoin had traded above the $6,000 price level. Bitcoin price is $6,345.11 at the beginning of July 2018. The cryptocurrency had been fluctuating between the resistance level at $6,708 and the support level at $5,893.51 for over a month. However, if price breaks the resistance level at $6,708, the digital currency will reach the highs of $7,000 and $8,000. On the other hand, if price breaks the support level at $5,893.51, Bitcoin price will fall to the low of $ 5,000.

However, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing.

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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