Bitcoin Price Analysis – March 2

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $111,600, $11,400, $11,200

Support: $10,400, $10,600, $10,800

Few days ago, I said that If bitcoin broke the resistance level of $10,500 it may reach its previous level of $11,500.Today bitcoin is trading at $11,147.87 as at the time of writing.Today, bitcoin is in a bullish market. The weekly chart and daily chart below shows us a smooth uptrend with a trend line showing us the support areas. An uptrend is present when prices make a series of higher highs (HH) and higher lows (HL).

We can trade the uptrend by using the tools available to us. First you can follow the familiar logic of buying low or selling high. Secondly, in an uptrend, if a currency pair retraces from its recent high, it’ll create a support level. Traders who wish to go long can enter a position when price pulls back to its support level.

Thirdly, if the trend does not continue, you can exit your position. On the other hand, if the trend does continue, you could profit several times the amount you initially risk to enter the trade.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the Daily chart has a bullish outlook because the moving averages are moving northward. The RSI period14 is level 33 indicates that the market is oversold. The price trend diverges with the RSI but it is a strong signals that reversal in price is imminent.