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BTC/USD Long-term Trend: Bearish
- Resistance levels: $7,200, $7,400, $7,600
- Support levels: $3,300, $3,200, $3,100
The BTC/USD pair had been bearish in the last one month. In retrospect, the price of Bitcoin had been in a sideways trend since June 2018. From the weekly chart, the price of Bitcoin had been fluctuating above the $6,000 price level. The 12-day EMA and the 26-day EMA are in a horizontal pattern indicating that the cryptocurrency was in a sideways trend. Today, the cryptocurrency is in a downtrend fluctuating above the $3,400 price level.
From the Stochastic indicator, the reading is below the 20% range. This indicates that the price of Bitcoin has a strong bearish momentum. The cryptocurrency is likely to continue its downtrend and find support at the $3,000 price level.
The MACD line and the signal line are below the zero line which indicates a sell signal. Meanwhile, the price of Bitcoin is likely to fall as the price is below the 12-day EMA and the 26-day EMA. There will be no trade recommendation until the bearish trend is exhausted.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.