Bitcoin Price Analysis – March 6

Azeez Mustapha

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $11,750, $11,700, $11,650

Support: $11,450, $11,500, $11,550

Yesterday, we have BTCUSD pair in a bullish market with a bullish trend lines showing the support levels of the market where you can take a long position. Presently, the pair is trading above $11,000 support level. The price of bitcoin is presently falling and if the support levels are breached then the price will fall to as low as $10,000.Meanwhile, 50-day moving average and 20-day moving average are below the candlesticks.

Also, the RSI period 14 is level 63 indicates the price is in the bullish trend zone.

BTCUSD Short-term Trend: Sideways

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the daily chart shows bitcoin oscillating between the levels of $11,600 and $11,450 in sideways movement. The price at $11,600 is the resistance level whereas the price at $11,450 is the support level. If you are at beginning of  the sideway trend from its inception you would have three trading opportunities. That is you take a long trade at the support and exit near the resistance zone.

Also you take a short trade at the resistance and exit near the support zone and do according to the number of arrows.Meanwhile,the moving averages are trending sideways.