BTCUSD Medium-term Trend: Ranging
Resistance: $7,800, $7,700, $7,600
Support: $7,200, $7,300, $7,400
Yesterday, 31 May, the Bitcoin price was yet to establish itself above $7,500. The asset was busy in its range bound movement between $7,000 and $8,000. Yesterday, a range bound strategy was adopted to trade the ranging market. Bitcoin was trading at $7,504.99 at the time of writing. However, the weekly chart shows that Bitcoin made little or no significant movement since the previous day.
The asset is still falling below the $7,500 price level and, at the same time, making a comeback above it. The reason was that the asset was resisted on several occasions at $7,613; making it fall below $7,500. In the same vein, if the asset falls, it will reach the $7,303 low and it will make another comeback to the $7,500 high. For Bitcoin to reach $8,000, it will break the resistance at $7,613.
However, the relative strength index period 14 is level 50 indicateing that the asset is in the range-bound zone.
BTCUSD Short-term Trend: Ranging
The daily chart shows that Bitcoin is in a ranging market and in a choppy price action. Bitcoin was in a range-bound movement at $7,550, but later fell to $7,450. Thereafter, it resumed its range-bound movement.
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