Bitcoin Price Analysis – March 8

Azeez Mustapha

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bearish

Resistance: $10,600, $10,400, $10,200

Support: $9,400, $9,600, $9,800

Yesterday, March 7, I said the price of bitcoin might rise if it breaks the resistance level of $10,600 because it was hovering above $10,500.And I said again that traders could take a long order if the resistance level was broken. However, from the chart before us bitcoin could not break the resistance level but the price fell to its low at $9,600. Bitcoin is currently trading at $9944.31.

Now the February low of $9500 is a support level which has not been broken by price action. The Price is expected to rise today because it has reached its low. Traders are expected to initiate long orders so as to catch the bullish trend at its early stage. The 50-day moving average and 20-day moving average are trending southward .

Also the RSI period 14 is level 56 indicates that average gains are higher than average losses.

BTCUSD Short-term Trend: Sideways

Bitcoin, BTCUSD, CryptoCompare chart

Yesterday, from the daily chart the price fell from $10,600 to $9,600 and commenced a sideways movement. The price is currently oscillating between the levels of $10,000 as the resistance level and $9,600 as the support level. It is not advisable to trade the sideways market because of the choppy price action. But if you want to trade it you place a short order at the resistance level and exit near the support zone.

Also, you place a long order according to the number of arrows and exit near the resistance zone.

Weekly Newsletter