Bitcoin Price Analysis – March 1

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $10,800, $10,700, $10,600

Support: $10,200, $10,300, $10,400

Yesterday, BTCUSD pair was hovering around $10,500 resistance level and I said if the price broke that level; it may as well go beyond and reach its previous high of $11,500. The price actually broke that level but retraced back to its original price.Today, bitcoin is trading at $10,711.33 in a sideways market. From the weekly chart, two levels have been determined from the sideways market.

The price at $11,000 is the resistance level while the price at $9500 is the support level. When price gets to the resistance level you take a short trade and exit near the support zone. Similarly, when the price gets to the support level you take a long trade and exit near the resistance zone.The RSI period 14 is level 50 indicates that the average gain are higher than average losses.

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 65 indicates that price has reached the bullish trend zone.