BTC/USD Medium-term Trend: Bullish
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,800, $6,600, $6,400
Last week, October 8, the price of Bitcoin reached the high of $6703.11 price level. The $6,700 price level is a resistance zone where sellers have shown interest to sell. Therefore, the crypto’s price was bearish all through the week and it fell to the low of $6,248.61. The $6,200 price level is the lower level of price range or the support zone where buyers are willing to buy.
Today, the digital currency is fluctuating above the $6200 price level. Price of Bitcoin is expected to rise because it is in the support zone where buyers are willing to buy. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in a bullish trend. The digital currency is fluctuating above the $6,200 price level. The price of Bitcoin is in the bullish trend zone as it is above the 12-day EMA and the 26-day EMA which indicates that price is rising.
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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