- The coin is trading between the levels of $0.800 and $1.400.
- However, a bullish break at the upper price range will propel the crypto to rally above $1.600 price level. On the other hand , a bearish break at the lower price range will depreciate the coin to a low at $0.600 price level.
BCD /USD Medium-term Trend: Ranging
- Resistance Levels: $1.200, $1.400, $1.600
- Support Levels: $1.00, $0.800, $0.600
Yesterday, June 4, the price of BCD was in a sideways trend. The coin is trading between the levels of $0.800 and $1.400. On April 4, the bulls tested the upper price range and were resisted. On May 9, the price fell to the $0.800 lower price range. On May 30, the bulls tested the upper price range and were resisted.
The price fell back to the range bound zone. In the interim, traders can trade a ranging cryptocurrency pending the time the crypto commences a bullish or bearish trend. A trader can initiate a short trade at the upper price range. Also, you can initiate a long trade at the lower price range. At maturity, short trades should be exited near the support zone.
Similarly, long trades should be exited near the resistance level. By so doing partial profits could be earned. However, a bullish break at the upper price range will propel the crypto to rally above $1.600 price level. On the other hand , a bearish break at the lower price will depreciate the coin to a low at $0.600 price level.
BCD/USD Short-term Trend: Bearish
On the 1-hour chart, the price of BCD is in a sideways trend zone. The 12-day EMA and the 26-day EMA are sloping horizontally. The crypto’s price is in a tight range between the levels of $1.3500 and $1.400.
On June 3, the bears broke out of the range bound movement. The crypto’s price fell to the support of $1.1500 price level. Meanwhile, the price of BCD is in the oversold region of the daily stochastic but above the 20% range. This means that price is in a bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.