BTCUSD Medium-term Trend: Sideways
Resistance: $8,600, $8,400, $8,200
Support: $7,400, $7,600, $7,800
BTCUSD pair was trading at $8,253.13 in a sideways market yesterday. Today, it is currently trading at $7,930.66 which is about 3.9% fall in price at press time. The market has not moved since yesterday with respect to the 3.9% fall in price. However, the RSI period 14 is level16 which is now at the oversold region of the market.
The 50-day moving average and 20-day moving average are trending sideways but the lower moving average is below the higher moving average.Traders should initiate long orders since the market is oversold. At present the price of bitcoin is fluctuating and has risen to $8,252.92. The BTCUSD pair has risen above the support levels of the market.
BTCUSD Short-term Trend: Bearish
The short term trend is bearish. The 50-day moving average and 20-day moving average are trending southwards but the lower moving average is below the higher moving average. The RSI period 14 is level 37 which indicates that the market is in the oversold region. That is the selling pressure of the bears will soon be exhausted and bulls taking control.