BTCUSD Medium-term Trend: Bullish
Resistance: $10,400, $10,200, $10,000
Support: $9,200, $9,400, $9,600
Yesterday, BTCUSD was in a sideways market trading at $8,733.42. The sideways market was determined by drawing the resistance and support levels with trend lines. This will enable you to predict the movement of the currency pair. If the price gets to the resistance level you will place a short trade and exit near the support zone. Similarly, if the price gets to the support level you will place a long trade and exit near the resistance zone.
BTCUSD is in a bullish market trading at $9,729.30 which is about 11.4% price increase. As the pair is in uptrend movement it is a clear sign that bitcoin price will rise as long as the bullish market last. Traders can profit in the uptrend movement. First they should have the ability to recognize the various types of markets. Secondly, in an uptrend market the market will always retrace back to the previous swing point and then bounce higher to resume the uptrend.
These are swing points to lookout for to place your long trade.
BTCUSD Short-term Trend: Sideways
The short term trend is in a sideways movement. If the sideways market is tradable; identify the resistance and support levels and trade it. But if the sideways is choppy then abstain from trading. The RSI period 14 is level 55 indicating average gains are higher than average losses