Bitcoin, BTCUSD, CryptoCompare chart

 BTCUSD Medium-term Trend: Ranging

 Resistance: $8,200, $8,100, $8,000

 Support: $7,600, $7,700, $7,800

Yesterday, Bitcoin was in a range bound movement oscillating between the resistance at $9,000 and the support at $7,500. Bitcoin is currently trading at $7,849.16 as at the time of writing. From the weekly chart the overall trend is still range bound movement. If the bears continue to push price downwards it will fall to its previous low of $7,500. But if price breaks the support level of $7,500 we will experience our three months lows of $6,000.

However, the RSI period 14 is level 46 which indicates that price is in the range bound zone. That is price will continue to be relevant within key levels for now.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chart

From the daily chart, price of Bitcoin is in a downtrend. The overall trend is bearish because the 50-day moving average and 20-day moving average are trending southward. In a downtrend, traders should take their entry points at the resistance level created by the price action. That is as the price retraces, a resistance level is created in a downtrend where they can short their trades.

Meanwhile the RSI period 14 is level 45 which indicates that price is in the range bound zone.

 

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