CryptoGlobe Cryptos Analyses

[Cryptoglobe]

Bitcoin Price Analysis – April 5

Highlights
• The medium and short term trend bias are bearish.

• In a downtrend, a trader should know that if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.



BTCUSD Medium-term Trend: Bearish
Resistance: $7,000, $6,900, $6,800
Support: $6,400, $6,500, $6,600
Yesterday, BTCUSD pair had a bullish outlook but the bullish movement was short-lived. Bitcoin which was trading at $7,429.57 yesterday lost control to the bears who took the price to $6,621.17, as at the time of writing. However, from the weekly chart, the 20-day moving average crosses below the 50-day moving average indicating a bearish outlook of Bitcoin.

Price is falling and moving towards the previous low of $6,500. However, the RSI period 14 is level 21 which indicates that the market is oversold suggesting bulls could take control of the market for a biref bounce. As the market is oversold, traders could look for buy setup to form in order to place long trades.

BTCUSD Short-term Trend: Bearish
From the daily chart, you will find price of Bitcoin making series of lower highs and lower lows symbolizing a bearish movement. The bearish trend line over laps the price bars showing resistance levels where a trader can make short positions. In a downtrend, a trader should know that if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.
Meanwhile, the RSI period 14 is level 67 which indicates that price is in the bullish trend zone.


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

 

[Cryptoglobe]

Bitcoin Price Analysis – April 10

BTCUSD Medium-term Trend: Ranging


Resistance: $7,100, $7,000, $6,900
Support: $6,500, $6,600, $6,700


Yesterday, April 9, the price of Bitcoin was in a bullish trend. Bitcoin traded up to $7,200 before the bears took control of the market and brought price to its low at $6,786.67. Price has resumed its range bound movement because neither the bulls nor the bears have control of price. From the weekly chart, the support at $6,500 and the resistance at $7,500 have been strong key levels for the price of Bitcoin.


These key levels have been holding since March 30, 2018. The bears have been resisted by the bulls at the support level; therefore price is expected to rise again or fluctuates. Traders can adopt a range bound strategy in a situation where price is in a range bound movement. I don’t see price breaking the support level but if it does traders should short their positions.


I expect price to rise again or fluctuates in a range bound movement. Now, look at the weekly chart. If you had followed the range bound movement since March 30, 2018, you would have had the opportunity of placing two long trades and a short trade. In a range bound strategy, you take a long trade at the support level and exit near the resistance zone.


On the other hand, you take a short trade at the resistance level and exit near the support zone.

BTCUSD Short-term Trend: Ranging

From the daily chart, the BTCUSD pair is in a range bound movement. Price is oscillating between the resistance at $6,800 and the support at $6,600.


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