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BTC/USD Long-term Trend: Bearish
BTC/USD pair is now consolidating above $7,800 after its recent fall from $9,200. After it fell to a low of $7,700, the price has been fluctuating above $7,800. At the moment, the bulls are defending the current support above $7,800.Bitcoin will rebound at the current support if it is under bulls’ control.
A rebound at $7,800 will take Bitcoin to the next resistance at $8,400. The upward movement will continue if the bulls push above $8,400. Conversely, if the bulls turn from the $8,400 resistance, the bears will use that opportunity to push the price to the low of $7,000. Bitcoin has reached such price levels in previous price action.
Daily Chart Indicators Reading:
Bitcoin is still below 20% range of the daily stochastic. That is Bitcoin is still in the oversold region. Bitcoin will rise from the oversold region if the bulls appear at the oversold region. BTC will remain in the region if the bulls fail to emerge.
BTC/USD Medium-term Trend: Bullish
On the 4- hour chart, Bitcoin fell to the low of $7,700 and resume consolidation. The consolidation is characterized by small body candlesticks which describe the indecision between buyers and sellers about the direction of the market.
4-hour Chart Indicators Reading
The Relative Strength Index is level 34. This means that it is below the centerline 50 and the coin is likely to fall. The 21-day and 50-day SMAs are pointing southward indicating the downtrend.
General Outlook for Bitcoin (BTC)
Bitcoin is fluctuating above $7,800 as the market is undecided about the next move. The market will go either way depending on the price action. Presently, neither the bulls nor the bears have the upper hand.
Instrument: BTC/USD
Order: Buy
Entry price: $7845
Stop: $7,000
Target: $9,000
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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