Bitcoin (BTC) Price Analysis – August 16

BTCUSD Medium-term Trend: Bullish

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

 
The BTC price was in a bullish trend yesterday and the price reached the high of $6,484.60 but was resisted by the bears.

 
On August 9th, the BTC price had attempted to break the resistance level at $6,585.60 and $6,484.60 on four occasions without success.

 
These price levels can be seen in the lower time frame.

 
Today, the price of Bitcoin is approaching the resistance level of contention. If price breaks that level, the BTC price will appreciate in value. However, if price is repelled traders should exit their long positions.In the medium term, the MACD line and the signal line are below the zero line which indicates a sell signal for the BTC price.
Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price was previous falling. .

 

 
BTCUSD Short-term Trend: Bullish

 
On the 4-hour chart, the Bitcoin price is in a bullish trend. The BTC price was resisted according to the number of price labels as shown. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 56 which indicates that the price is in the range-bound trend zone.

 

 

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

 

Source: https://www.cryptoglobe.com/markets

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