Resistance Levels: $6,600, $6,800, $7,000
Support levels: $6,300, $6,100, $5,900

Yesterday, September 6, the BTC price was in a bearish trend. The cryptocurrency fell to the low of $6,294.76 and commenced a range bound movement. It appears the bearish pressure must have subsided and the $6,000 price level was presumed to be the critical support level of price. Traders should initiate long trades above and stop-loss orders below the $6,000 price level.

As soon as the positions become in profits they should place the stop-loss orders to their break even points. The BTC price is expected to rise.
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 price is in a bearish trend. The Relative Strength Index period 14 is level 27 which indicates that the market is oversold suggesting bulls to take control of the market.

On the 1-hour chart, the BTC price is range bound. The price of Bitcoin is fluctuating below and above the $6,500 price level. The price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicates that price is in a sideways trend.

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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