2018-11-19 11:17 |
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $5,300, $5,200, $5,100
Last week the price of Bitcoin was in a sideways trend. The digital currency was fluctuating above the $6,400 price level all through the week. From the chart, price fell from the $6,400 to the low of $4,559.30 and commenced a range bound movement. On November 14, the crypto’s price broke the 12-EMA and the 26-day EMA and commenced a bearish trend. The crypto’s price also broke the $6,000 price level thus weakening the price of Bitcoin against the United States dollar.
Today, the crypto's price is now below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. This gives the currency the edge to further depreciates.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of Bitcoin is in a bearish trend. The digital currency had been fluctuating above the $5,600 price level. The crypto’s price is falling again at the bearish trend zone. The price of Bitcoin is likely to fall to test the previous low of $5,436.30.
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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