BTC/USD Medium-term Trend: Ranging

Resistance levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100

Yesterday, August 22, the price of Bitcoin was in a sideways trend. The BTC price fell while in a sideways trend. The cryptocurrency fell to its previous range-bound levels of $6,600 and $ 6,000. Yesterday, the BTC price reached the high of $6,880.72 and price pullback to the low of $6,303.65. Today, the BTC price is now in range bound movement.

It is assumed that the cryptocurrency will cross over the hurdle at the price of $6,600. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 48 which indicates that price is in the sideways trend zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. While in a sideways trend, the price of Bitcoin fell to the low of $6,323.93. After it has fallen, the cryptocurrency resumed its range-bound movement.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.