The coin initially took a bullish trend ride, but mid-way the trend could not continue with the bullish call, thus the price seems to have reversed for a bearish drive.
Supply levels: $9,500, $11,400, $13,900
Demand levels: $7,600, $5,500, $3,200
BTCUSD Medium-term Trend: Ranging
BTCUSD Medium-term trend is ranging the crypto has rejected the bullish outlook it embarks on a couple of days ago, thus moving down it may fall to the next price barrier level of $9,500. If the price breaks out from this barrier level then the bearish trend will be confirmed.
From the chart, the price is going back to the 14 and 50 Exponential Moving Averages, while the MACD Indicator signal lines and Histogram bars are signaling a ranging market situation.
BTCUSD Short-term Trend: Bearish
BTCUSD Short-term trend has been bearish; the market took a bearish undertone after an initial bullish movement, hence the coin may fall to the next price resistance level, and a break of it will even trigger the bearish setup.
The 4-hour chart is showing that the price has gone below the 14 and 50 Exponential Moving Averages, while the MACD signal line and Histogram bars are crossed for a bearish indication.
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