BTCUSD Medium-term Trend: Sideways
Resistance: $9,900, $9,800, $9,700
Support: $9,300, $9,400, $9,500
Last week, BTCUSD pair has been bullish on many days with its recent high of $11,958 on February 20. But the pair nosedived to $9,722.49 as a result of its bearish reversal on February 23. The assumption last week was that if the bears breached the support level of $10,000 we will experience the lows we had in January 2018. As of the time of writing, BTCUSD is trading at $9,586.14.
Today, bitcoin is in a sideways market with the market moving horizontally. The 50-day moving average and the 20-day moving average are moving sideways whereas RSI period 14 is 43 indcating a sideways trend zone. This week bitcoin price will fluctuate and remain in the region of the support level for days because of the sideways trend.
BTCUSD Short-term Trend: Sideways
In the daily chart, BTCUSD pair is trading sideways. The daily chart has a choppy price action and as such traders should abstain from trading. The support and resistance are so close and tight which makes profitable trading impossible. The 50-day moving average and the 20-day moving average are moving sideways whereas RSI period 14 is 31 indicating that the market is oversold.