Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bearish

 Resistance: $9,500, $9,000, $8,500

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

Yesterday, March 14, I said that the price of Bitcoin has remained above $9,000 for the past few days. It is likely that the price may break the resistance at $9,500 and if it does it will rally to its previous high of $10,000. On the other hand, if the price falls below $9,000 it will retest its previous low of $8,500.Today,the verdict is that Bitcoin has not only fallen to its previous low of $8,500 but it is now trading at $7756.58 as at the time of writing.

From the weekly chart you will find a bearish trend line showing resistance levels where a trader can short in a downtrend. For instance, if the price retrace from the low and touch the trend line a resistance level will be created where you can place a short trade. Similarly, if there is a breakout on the brearish  trend line the downtrend will be over and a new trend will begin.

Meanwhile, the RSI period 14 is level 26 which indicates that the market is oversold suggesting bulls taking over the market. The bearish traders should be prepared to exit their trades.

  BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the daily chart shows Bitcoin in a smooth downtrend. In a downtrend, if prices retrace from a recent low, a resistance level would be created. This gives traders the opportunity to short. You can as well exit your position if the trend does not continue. Meanwhile, the RSI period 14 is level 24 which indicates that the market is oversold suggesting bulls taking over the market.