BTC/USD Medium-term Trend: Ranging
• Resistance Levels: $6,800, $6,900, $7,000
• Support levels: $3,800, $3,700, $3, 600
Yesterday, March 13, the price of Bitcoin was in a sideways trend. The BTC price was ranging above the $3,900 price level. The 12-day EMA and the 26-day EMA also was trending horizontally indicating that the price is in a sideways trend. The crypto’s price is still below the EMAs while in a range bound movement. This indicates that the crypto’s price is likely to fall.
On the upside, if the bulls break above the EMAs, the crypto will be in the bullish trend zone. Probably, to retest the $4,000 resistance level. On the other hand, if the bulls fail to break the EMAs, the crypto will continue its downward trend. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a bearish trend.On March 13, the bulls broke above the EMAs, while the price is making a downward correction. The BTC price is trading at $3,939.0 as at the time of writing. Today, the crypto’s price is below the EMAs indicating that price is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal.
Source: bitcoinexchangeguide.com