Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Sideways

 Resistance: $10,200, $10,000, $9,800

Support: $9,000, $9,200, $9,400 

Last week, Monday and Tuesday bitcoin price was trading between $11,000 and $11,585.67 in a bullish market. However, while on Wednesday, Thursday and Friday it was under the control of the bears pushing the price down to $8,500. In the other words there was a price decline of about 26%. The decline in the price of bitcoin was as a result of negative news and unauthorized selloff on cryptocurrencies.

It was assumed that the selloff was over. Bitcoin is currently trading at $9604.51 as at the time of writing.From the weekly chart, BTCUSD pair is moving in a sideways (ranging) market. The price at $8,500 is the support  where  price got stalled last Friday whereas  the price at $9,500 is the resistance level.

If you have followed the sideways trend from its inception last Friday, you are expected to place a short trade at the resistance and exit near the support zone. Also, take a long trade at the support and exit near the resistance zone. The orders should match the numbers of arrows. However, the RSI period 14 is level 70 which indicates that the market is overbought suggesting bears to take control of the market.

  BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, BTCUSD pair is in a bullish market showing the support levels where you can place long trades. The trend line will show the buy setups if the trend continues but if the price breaks the trend line that would end the bullish trend.