BTCUSD Medium-term Trend: Bullish
Resistance: $9,500, $9,000, $8,500
Support: $6,500, $7,000, $7,500
Bitcoin has been range bound for over two weeks fluctuating between the prices of $6,500 and $7,500. Last week, the price broke the resistance level at $7,500 and traded at $7843.98 at the close of Friday 13, 2018. Today, Bitcoin is trading at $8,377 after breaking through the resistance at $7,100 and $8,000. From the weekly chart, you will find the bullish trend line showing the direction of the market and the support level where traders can place long trades.
The asset price has not broken the trend line; meaning that Bitcoin will continue its bullish movement. The price is expected to test and break the resistance level at $8,500, which will enable Bitcoin to reach the high of $9000. But if the price breaks the trend line and the candlestick closes, then our bullish view will be invalidated. Meanwhile, the RSI period 14 is level 74, which indicates that the market is overbought, suggesting the bears will take control of the market.
The price action will determine how soon the bears would come to take control of the market.
BTCUSD Short-term Trend: Bullish
In the daily chart, the Bitcoin price will give a detailed account of how the bulls pull the price through the resistance levels. At the resistance of $8.100, the bulls held on to the price in a range bound movement before pushing it to the $8,400 level. At the resistance level of $8,400, the bulls then resumed their range bound movement.
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