2018-12-15 09:54 |
BTC/USD Long-term Trend: Bearish
Resistance levels: $7,200, $7,400, $7,600
Support levels: $3,100, $2,900, $2,700
The BTC/USD pair had been in a bearish trend. From the weekly chart, the price of Bitcoin had been range bound from the month of March to November 12, 2018. The BTC price had been ranging above the $6,000 price level within that same period. The 12-day EMA and the 26-day EMA are also horizontally flat indicating the sideways trend. On November 12, the crypto’s price was resisted by the 12-day EMA and price fell in a downtrend. The crypto is approaching the $3,200 price level. The Stochastic indicator is in the oversold region below the 20% range.
This means that the price of Bitcoin is in a strong bearish momentum and a sell signal . This means that the price of Bitcoin will further depreciate and the decline will extend to the $3,000 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Meanwhile, the price of Bitcoin is likely to fall as the price is below the 12-day EMA and the 26-day EMA. There will be no trade recommendation until the bearish pressure is exhausted.
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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