BTCUSD Medium-term Trend: Bearish
Resistance: $9,400, $9,200, $9,000
Support: $8,200, $8,400, $8,600
On April 24, the BTCUSD pair could not break the resistance at $10,000. The asset touched the resistance level at $9,727 and had a pullback which resulted in a decline. Bitcoin price has broken the bullish trend line and the candlestick closed on the opposite of the trend line. The implication is that the current bullish trend is likely to give way to the current trend.
Traders are to close all their long trades and wait for the market to place fresh orders.However, the price is currently trading at $8,910.50. It might further decline to the $8,500 level. This was previously our resistance level, now it is a support level. If the price gets to this level, you could look for a buy setup. But if the price breaks this level, you could place a short trade.
Meanwhile, the relative strength index is level 51, which indicates that the price is in the range bound zone.
BTCUSD Short-term Trend: Ranging
In the daily chart, Bitcoin price is in a downtrend. The price fell from the $9727 high to the $9,200 low and fell again to $8,800. Bitcoin is currently trading in a range-bound movement between the resistance level at $9,200 and the support level at $8,800.
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