Last week, price of Bitcoin was in a bearish trend. The bulls were consistent as they sustained and traded above the $6,000 price level. Technically, it is assumed that a bearish trend is over, if a bullish candlestick breaks and closes on the opposite side of the trend line.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 26-day EMA is above the price bars of Bitcoin which indicates that the bearish trend is continuing.
Now the price of Bitcoin is in a bullish trend.
Bitcoin is rangebound, capped by moved below 50-SMA on the hourly chart, currently at $6,344. The bullish momentum was strong on weekend but faded away on Monday, which is very typical for cryptocurrency market, apt to positioning at the end of the week. It is worth mentioning, that the digital coin No. 1 is still below Fibo retracement at $6,483. The support level is created by $6,200 handle and followed by 200-SMA at $6,162.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 26-day EMA is above the price bars of Bitcoin which indicates that the bearish trend is continuing.
Now the price of Bitcoin is in a bullish trend.
Bitcoin is rangebound, capped by moved below 50-SMA on the hourly chart, currently at $6,344. The bullish momentum was strong on weekend but faded away on Monday, which is very typical for cryptocurrency market, apt to positioning at the end of the week. It is worth mentioning, that the digital coin No. 1 is still below Fibo retracement at $6,483. The support level is created by $6,200 handle and followed by 200-SMA at $6,162.