Bitcoin Price Analysis – March 7

Azeez Mustapha

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bearish

 Resistance: $10,800, $10,700, $10,600

Support: $10,200, $10,300, $10,400 

Yesterday, March 6, the price fell from its high of $11,600 to as low as $10,100; but it is currently trading at $10,476.69. The medium term trend is bearish because the moving averages are above the candlesticks today. The RSI period 14 is level 29 indicates that the market is oversold suggesting bulls takeover of the market. The price of bitcoin may rise if the bulls take control of the market.

It is above the support level of $10,500 and approaching the next ley level of $10,600. The price at $10,600 was our previous support level now a resistance and if the price breaks that level we should expect bitcoin to reach $11,000 price today. Traders should initiate long orders and put their stop loss at the support levels.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the daily chart has a bearish outlook. We have the daily chart showing price retracement from the low and creating opportunities for short trades. Meanwhile, 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 29 indicating that the market is oversold. Traders can initiate  long trades and place stop loss at $10,200, $10,300, or $10,400