BTC/USD Medium-term Trend: Bearish

Resistance levels: $6,000, $6,100, $6,200
Support levels: $5,800, $5,700, $5,600

Yesterday, August 13, the Bitcoin price was in a sideways trend. On August 11th, after the bulls defended the $6,000 price level, the cryptocurrency moved up to the high of $6,46.87 and fell again to the low of $6,266.69. Today, the bears retested the $6,000 price level and the critital support level has been broken.

The price of Bitcoin will be weaker as price may likely fall to the next previous low of $5,500. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 30 which indicates that the market is oversold suggesting bulls to take control of the market.

On the 1-hour chart, the BTC price is in a sideways trend before its eventual fall in price. The MACD line and the signal line are below the zero line which indicates a sell signal. Nevertheless, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicate that a 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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