Bitcoin Price Analysis - February 28

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $11,000, $10,900, $10,800

Support: $10,400, $10,500, $10,600

Yesterday, bitcoin was hovering around the price of $10,500 and I said $10,500 was earlier a support level where price rose to $11,500 on February 23. This support level has been broken and it stood as a resistance where price has been testing yesterday. It was assumed that if the price break that level traders should buy and that the price may as well go beyond $11,500.

Today, bitcoin is trading at $10,906.60 as at the time of writing and is in a bullish market. The moving averages are below the candlesticks and are heading northward indicating that the trend is bullish.The RSI period 14 shows that price is in the bullish trend zone and may reach the previous high of $11,500. The resistance level may be breached.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the 1-hour chart has a bearish outlook because the moving averages are above the candlesticks. The 50-day moving average and the 20-day moving average are moving southward whereas RSI period14 is level 29 indicates that the market is oversold suggesting that bulls should take control of the market.