1-hour:
The one-hour candlesticks show a downtrend that is prevalent from $6,660 – $6,380 – $6,340, testing support levels at $6,220 and $6,290. An uptrend is also visible, providing support from $6,185 – $6,220 – $6,340. Resistances are visible at the $6,410, $6,480 and $6,660 marks.
The MACD is denoting a bearish crossover downwards.
The Awesome Oscillator is also showing a sustained downwards signal, pointing to further downward movement of the coin.
The Parabolic SAR is flashing a bearish sign.
1-day:
The long-term outlook for Bitcoin shows an uptrend from $6,185 – $6,270 – $6,340, providing respite from bearish pressure denoted by the downtrend from $9,800 – $8,390 – $6,340. Support levels are present at $5,850 and $6,145, with resistances at $6,525, $6,750 and $7,360.
The RSI denotes that buying and selling pressure have stabilized, with the indicator resting squarely in the middle.
The Relative Vigor Index is demonstrating a sharp bullish crossover, with the RVGI line moving across the signal.
Conclusion
While the short-term outlook shows a bearish outlook without doubt, the long-term outlook may have more for HODLers. The price is set to test resistances at the $6,410 and $6,480 mark before moving upwards.
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