BTCUSD Medium-term Trend: Bullish
Resistance: $11,200, $11,000, $10,800
Support: $10,000, $10,200, $10,400
Last week the medium term trend of bitcoin has been bullish on many days. With respect to last Monday price of $8283.33 and current price of $10,843.73 which is about 30.9% price increase today.
However, 20-day moving average is above the 50-day moving average suggesting that the weekly chart outlook remains bullish whereas the RSI period 14 is level 44 which indicates the weekly chart is in a sideways trend zone. However, price will rise this week as long as the market remains bullish.
BTCUSD Short-term Trend: Bearish
In the shorter term trend the daily chart is in favor of the bears; because the 20-day moving average is below the 50-day moving average and trending southwards. The price in the bearish trend has a retracement from the low at $10,200 which is one of the demand levels of the market. If we apply the Fibonacci retracement tool we will see the supply levels of the downtrend.
In a downtrend, it is expected that if prices retrace from the low, it will encounter resistance at one of the Fib retracement levels which will give traders the opportunity to short. Later the market will resume its downward movement. The RSI period 14 is level 65 indicating that price is near the overbought condition suggesting that bears will soon take control.