BTCUSD Medium-term Trend: Bullish
Resistance: $9,500, $9,000, $8,500
Support: $6,500, $7,000, $7,500
Yesterday, April 18, Bitcoin price fell as a result of a pullback. It was at the $8,500 resistance level when it faced opposition and we can assume that if the price continues to fall, it will find support at $7,500. Today, the price is in a bullish market, trading at $8,209.61 at the time of writing.
At the onset of a trend, whether bullish or bearish, traders will look for buy setups or sell setups. In the case of a bullish trend, we will look for buy setups. From the weekly chart, a bullish trend line is drawn across the price bars, showing the support levels where traders can place long trades.
Every time the price pulls back to the trend line, it is an opportunity to initiate a long trade. As the bullish market continues, the price is expected to retest the resistance level at $8,500 and break it. If it eventually breaks the resistance at $8,500, it will face another resistance at $9,000, before reaching other highs of price levels.
BTCUSD Short-term Trend: Bullish
In the daily chart, Bitcoin price is making a series of higher highs and higher lows. The 50-day and 20-day moving averages are trending northward, signifying the uptrend.
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