2018-10-3 09:02 |
BTC/USD Medium-term Trend: Bearish
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,300, $6,100, $5,900
Yesterday October 2, the BTC price was in a bearish trend. After days of fluctuations above the $6,500 price level, the price of Bitcoin has succumbed to the bearish pressure. The failure of the bulls to break the resistance at $ 6,700 has resulted in the fall of the price of Bitcoin. The $6,400 price level is on the verge of being broken. If that level is broken price will reach the $6,200 price level which is the lower level of the previous price range.
Again, if the $6,200 price level is broken, the support zone of $5,900 and $6,000 is likely to be revisited. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. 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 38 which indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: BearishOn the 1-hour chart, the BTC price is in a bearish trend. The BTC price is falling as price approaches the $6,400 price level . The price is Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
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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