Bitcoin, BTCUSD CryptoCompare Chart

BTCUSD Medium-term Trend: Bullish

 Resistance: $11,800, $11,700, $11,600

Support: $11,200, $11,300, $11,400      

Yesterday, Tuesday 20, BTCUSD was trading in a bulls market at a price of $11,430. Bitcoin will rise as long as the market remains bullish.It was in a smooth uptrend movement. An uptrend is present when prices make series of  higher highs (HH) and higher lows (HL). Therefore, traders can follow the familiar logic of buying low and selling high. Also they should know that in an uptrend if a currency retraces from the recent high it will create support level.

Traders who wish to go long can take a position when the price pulls back to its support level.However, today the market is still bullish but trading at a price of $11,350.00. The 20-day moving average is above the 50-day moving average indicating that price is rising whereas RSI period 14 is level 48 indicating that price has entered sideway trend zone.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chart

Today on the daily chart the pair is still trading in a bull market; but the price retraced to the support level of $11,500.Since the trend has not reversed traders can take long position at the support level of $11,500.The 50-day and 20-day  moving average are trending northward whereas the RSI period 14 is 24 indicating that the market is oversold suggesting bulls takeover of the market.