BTCUSD Medium-term Trend: Bullish

Resistance: $9,500, $9,000, $8,500
Support: $6,500, $7,000, $7,500
Yesterday, April 18, price of Bitcoin which fell was as a result of price pullback. It was at the resistance level of $8,500 that it faced opposition. We also assume that if price of Bitcoin continues with fall in price, it will find support at $7,500. Today, price of Bitcoin is in a Bullish market trading at $8,209.61 as at the time of writing.
At the onset of a trend, whether bullish or bearish traders are to look for buy setups or sell setups. In the case of a bullish trend, we are to look for buy setups. From the weekly chart, a bullish trend line is drawn across the price bars showing the support levels of price where traders can place long trades.
Any time price pulls back to the trend line, it is an opportunity to initiate a long trade. As the bullish market continues, price is expected to retest the resistance level at $8,500 and break it. If it eventually breaks the resistance at $8,500, it will face another resistance at $9,000 before reaching other highs of price levels.

BTCUSD Short-term Trend: Bullish

In the daily chart, price of Bitcoin is making a series of higher highs and higher lows. The 50-day moving average and 20-day moving average are trending northward signifying the uptrend.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.