BTC/USD Medium-term Trend: Bullish

Resistance levels: $6,400, $6,500, $6,600
Support levels: $6,200, $6,100, $6,000

Yesterday, August 16, the price of Bitcoin was in a bullish trend. The bulls took price to the high of $6,421.22 and were resisted by the bears and price fell to the low of $6,248.11. Today, the price of Bitcoin has made another bullish movement and it is currently trading at $6,432.11 as at the time of writing. Now since August 9, the BTC price had not been able to break the $6,500 price level. For price of Bitcoin to reach the highs of $7,000, and $8,000, the resistance at $6,500 must be broken.

However, if the price is being repelled again at the $6,500 price level, traders should initiate a short trade and exit  near the support level.Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 54 which indicates that price is in the sideways trend zone.

On the 1-hour chart, the BTC price is in a bullish trend. The BTC price is rising and approaching the $6,344.41 price level. Nevertheless, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that a bullish 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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