Bitcoin Price Analysis – June 28

BTCUSD Medium-term Trend: Ranging

 
Resistance Levels: $6,150, $6,200, $6,250
Support Levels: $6,000, $5,950, $ 5,900
Yesterday, June 27, price of Bitcoin was in a range bound movement. Today, the range-bound movement continued. The cryptoasset has been fluctuating above the $6,000 price level for four days. From the weekly chart, price of Bitcoin had fallen to the low of $5,850, on June 24, and made a pullback above the $6,000 price level. But it had been resisted at the price of $6,307.

 
This results in the cryptoasset fluctuating between the levels of $6,307 and $5,850. However, the indicator shows a neutral signal as the MACD line and the signal line are at par with the zero line. Also, the 12- day EMA and 26-day EMA are neither above nor below the price bars of Bitcoin which indicates that the market is ranging. Traders can adopt a range bound market strategy to trade the market.

 
That is, if price tests the resistance level, a short trade should be taken and you exit near the support zone. Then your stop loss should be above the resistance level. On the other hand, if price tests the support level, a long trade should be taken and your stop loss below the support level. Then you exit near the resistance level.

 
BTCUSD Short-term Trend: Ranging
On the daily chart, price of Bitcoin is range bound at the price of $6,100. The relative strength index period 14 is level 41 which indicates that price is in the range bound 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.

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