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BTCUSD Medium-term Trend: Bearish

Resistance: $7,500, $8,000, $8,500
Support : $7,000, $6,500, $6,000

Price of Bitcoin has been on the downtrend from April 29 to May 20, 2018. From the weekly chart, the last bullish candlestick was resisted at a price of $10,150.23, on April 29. Whereas the last bearish candlestick fell to the low of $7,302, on May 20, 2018.

Presently, the asset fluctuates between the levels of $7,613 and $7,303. However, if the asset trades above the price at $7,500 it would be resisted at a price of $7,613. And if it falls to the low of $7,303, it would make a comeback to the high of $7500. Nevertheless, if the bulls do not sustain the price at that level, the asset may fall to the lows of $7,000 and $6,236.

BTCUSD Short-term Trend: Ranging
On the daily chart, price of Bitcoin is in a range bound movement. The asset ranges from the resistance level at $11,685.93 to the low of $6,236.45. These levels are very critical for the price of Bitcoin because it had been tested on more than two occasions.

Now if price falls to the support level at $6,236, traders should take a long trade and place a stop loss below the support level. Similarly, if price rises to the resistance level at $10,156.62, traders should take a short trade and a stop loss above the resistance level. Meanwhile, the relative strength index period 14 is level 37 indicates that the market is oversold suggesting bulls to take control of the market.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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