Bitcoin Price Analysis - February 7

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BTCUSD Medium-term Trend: Bullish

Resistance: $9,000, $8,500, $8,000

Support: $6,000, $6,500, $7,000

Bitcoin price was trading at $6,158.71yesterday because the market was still bearish. Today, the price is now trading at $7,477.90 which is about 21% increase. The fear of the bears sustaining the current downtrend is gradually fizzling out as the price appreciates.

However, today we are going to see how bulls are going to sustain the current price and push the price further. The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 53 indicating that the average gains are more than the losses suggesting selling pressure may arrive soon. Bitcoin may regain some its losses it sustained over the past 2 months, however to get closer to its all-time highest price of $19,000 in December It needs a strong support from which a rally could form.

 

BTCUSD Short-term Trend: Bullish

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Yesterday, the market is bullish in the short time trend and I said traders should look out for buy trade setup at the support of $6,000; it will offer buying opportunities for long term investors. Today the 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 39, which puts the price in the oversold region. The higher time frame has confirmed the bullish trend therefore long orders are expected from the buy setup.