BTCUSD Medium-term Trend: Bullish
Resistance: $10,000, $9,900, $9,800
Support: $9,300, $9,400, $9,500
Yesterday, May 3, Bitcoin was in its third day without any significant medium term trend forming. Though, traders were advised to hold their trades above the psychological level at $9,000. In addition, they were to put their stop loss below the support level at $8,500 because, if Bitcoin falls it will likely find support at $8,700. Today, the BTCUSD pair is trading at $9,745.46 as at the time of writing.
However, from the weekly chart, price of Bitcoin has broken the resistance level at $9,500. It has moved out of the range-bound zone. With this breakout, Bitcoin is expected to rally at the resistance level at $10,500 price level. We are to move our stop loss from $8,500 to the psychological level of $9,000. Also, we can take partial profits or trail stops our positions
BTCUSD Short-term Trend: Bullish
The BTCUSD pair is in a bullish trend on the daily chart. At the support of $9,200, the asset was in a range bound movement until it had a bullish movement to the high of $9,700. At that level, price pulled back and resume a range bound movement. Meanwhile, relative strength index period 14 is level 50 which indicates that price is in the range bound zone.
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