BTCUSD Medium-term Trend: Ranging
Resistance: $8,700, $8,600, $8,500
Support: $8,100, $8,200, $8,300
Last week Monday, Tuesday and Wednesday, price of Bitcoin had been bullish. That was why the price rose from $8,210.22 on Monday 19, to $9,059.84 on Wednesday 22 and later it resumed a range bound movement. The assumption last week was that if price of Bitcoin consolidated or remained above the $9,000 mark.
On the other hand, if price breaks the resistance level of $9460, it will rise to the previous high of $10,500. The bulls could not hold on to push price further, but the bears took control and brought the price to its previous low. Today, Bitcoin is trading at $8,190.32 as the time of writing. From the weekly chart, the price of Bitcoin is still oscillating between the resistance at $9,000 and the support at $7,500.
This has been the scenario since last week Friday. Meanwhile, the RSI period 14 is level 45 which indicates that the price is in the range bound zone.
BTCUSD Short-term Trend: Ranging
The BTCUSD pair is in a range bound movement in the daily chart. The pair is fluctuating between the resistance level at $8,650 and the support level at $8,400. Meanwhile, the RSI period 14 is level 14 which indicates that the market is oversold suggesting bulls to take control of the market.
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