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October 02, 2018, 10:21:54 AM |
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BTC/USD Long-term Trend: Bearish
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,400, $6,200, $6,000
The overall trend for the price of Bitcoin in the month of September is a bearish trend. Price of Bitcoin has a balance of $7,036.25 at the beginning of September 2018. As at the time of writing, the capital has gone down to $6,490.75. In other words, the digital currency lost 7.66% of its capital.
On September 5, the bulls were overcome at the $7,400 price level. The digital currency fell to the low of $ 6,169.30. Since then the bulls have not been able to recover their losses. For the bulls to be in equilibrium with the bears they have to break the levels $6, 500, $6,700 and $7,400 price levels.
Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 46 which indicates that price is in the range bound zone.
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