BTCUSD Medium-term Trend: Bearish
Resistance: $12,000, $11,500, $11,000
Support: $9,500, $10,000, $10,500
Yesterday, BTCUSD pair was in a bullish market trading at $11,350.00.Traders were advised to take long position whenever the price pulls back to its support level in a bullish trend. Today, BTCUSD pair has a bearish outlook but trading at $10,717.19.The 20-day moving average is below the 50-day moving average on the weekly chart indicating that price is falling.
Similarly,RSI period 14 is level 20 which indicates that the market is oversold suggesting bulls control. Now if the bulls take control and breached the resistance level of $12,000 that would end the bears market and price will begin to appreciate.However, if the bears take control and breached the support levels of $10,000 then we will begin to experience the lows we had in January this year.
BTCUSD Short-term Trend: Bearish
BTCUSD pair in the daily chart has a bearish outlook. The 50-day and 20-day moving averages are trending southward whereas the RSI period 14 is 29 indicating that the market is oversold suggesting bulls takeover of the market. However, in this bearish outlook if the bears breach the support level of $10,000 the price will nosedive to beyond $9500.
