2018-9-21 10:11 |
BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,400, $6,600, $6,600
Support levels: $6,300, $6,100, $5,700
Yesterday, September 20, the price of Bitcoin was in a sideways trend. The price of Bitcoin was fluctuating below and above the $6,300 price level. Today, after its range bound the bulls have taken price to the high of $ 6,557.87. Again, the bulls are encountering another resistance at the $6,400 price level. If the bulls fail to break the $6,400 price level, traders can initiate a short trade at the upper level of price range. Then a stop loss should be placed above the $6,600 price level. As the digital currency approaches the lower level of price range; your short trade can be exited. If the bullish trend begins then you will initiate a long trade and go about the whole process again. This will enable us to earn partial profits as the price ranges.
Meanwhile, 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 61 which indicates that price is in the bullish trend zone.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in a bullish trend. The cryptocurrency after reaching the high of $ 6,534.60, the price retraced and went into a range bound movement. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising. The MACD line and the signal line are above the zero line which indicates a buy signal.
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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