BTC/USD Medium-term Trend: Bullish
• Resistance Levels: $12,000, $11, 800 ¸ $12,400
• Support levels: $11,400, $11,200, $11, 000
Yesterday, July 10, the price of Bitcoin was retracing from the $13,000 resistance level. On June 26, the BTC market reached the $13000 price level and was resisted. The price fell to the support of the 26 –day EMA and commenced a range bound move above it. On July 9, the bulls were resisted as price retraced to the support of the 26-day EMA.
From the Fibonacci tool, the price fell to the support of the 0.382 Fib. retracement level. The 0.382 Fib. retracement level is a continuation zone. If the bulls defend this level, the crypto’s price will rise. On the upside, if the bulls break the $13, 000 price level, the crypto’s price will rise and test the high of $14,000 price level. The crypto’s price is above the EMAs which indicate that price is likely to rise. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in an uptrend trend. The 12-day EMA and the 26-day EMA appears to be heading northward. The crypto’s price was in an upward move above the 12-day EMA and the 26-day EMA until the bulls were resisted at the $13,000 price level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
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Source: bitcoinexchangeguide.com