BTCUSD Long-term Trend: Bearish
Supply Zone: $7,500, $8,000, $8,500
Demand Zone: $7,000. $6,500, $6,000
The BTCUSD pair overall trend is bearish. In the lower time frame, the downward trend was clearly noticeable. The bears were in control of the market forces. Price was making a series of lower highs and lower lows. However, in the longer term frame, one bearish candlestick will represent several candlesticks of price making a series of lower highs and lower lows. Nevertheless, traders ought to take advantage of a trending market.
That is to catch the bearish trend at its earlier stage. If the bearish trend has not ended, then look for a sell setup to place a short trade. Remember to place a stop loss above the resistance level.Meanwhile, the relative strength index period 14 is level 57 indicates that price of the asset is currently in the range bound zone. In the other words, price of the asset fluctuates because neither the bulls nor the bears have control of the price. The asset is currently trading at $7,487.95 as at the time of writing.
The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.