Quote from: analyst100 on November 12, 2018, 06:30:46 AM

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,400, $6,200, $6,000

The price of Bitcoin was range bound in the first week of November 2018. In retrospect, the digital currency was ranging above the $6,400 price level all through the month of October 2018. The major bearish event is that on October 11, the bears went deep into the $6,200 price level. While on October 15, the bulls had a price spike that reached the high of $7,600 but price pulled back to the low of $6,500.

That was why we had a price ranging above the $6,400 price level. On November 7, the price reached a high of $6,565.66 but was resisted. The digital currency was in a downward trend after the resistance at $6,600 price level. The digital currency is likely to fall because price is in the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.

I dont really know if I should sell or continue to wait. But Im believing that in three months from now there might be a Bull trend. So there might be no need to sell and as long as the market is above the $6000 mark, Im okay with it. But I fit drops to $5000 then I will sell immediately till further notice that it is going to increase. But I have a strong hope that it will increase in three months from now.