BTC/USD Medium-term Trend: Bullish

Resistance: $8,000, 8,500, $9,000
Support: $7,000, $6,500, $6,000

Last week price of Bitcoin was in a bearish market. The asset fluctuates below and above the price of $7,500. In other words, it fluctuates between the levels of $7,613 and $7,303. However, if the asset traded above the price of $7,500 it would be resisted at $ 7,613. Similarly, if the asset traded below the price of $7,500, it would fall to the low of $7,303.

Today, Bitcoin is currently trading at $7,697.52 and has broken the resistance level attempting to reach the high of $8,000. However, from the 4- hour chart, the price of Bitcoin has broken the trend line and the candlestick closed on the opposite of the trend line. The implication of this movement is that the bearish pressure of the asset might have ended. However, the 20-day moving average is above the 50-day moving average indicating that price of Bitcoin is rising.

BTC/USD Short-term Trend: Bullish

On the hourly chart, the price of Bitcoin is in a bullish market. Price of the asset fell to the low of $7,039.41 and commenced a bullish movement. A trend line is drawn showing the support levels of price of the asset where traders can place their long trades.

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