BTCUSD
Medium-term Trend: Bearish
Resistance: $8,500, $8,400, $8,300
Support: $7,900, $8,000,
$8,100
Yesterday, May 15, the BTCUSD pair
traded above the $8,500 price level and, at the same time, the bearish trend
line was broken. Secondly, the candlestick also closed on the opposite of the
trend line. The price action also showed that the price retouched the trend
line and began a ranged bound movement. Based of that, it was assumed that
the downtrend was over.
It was previously stated that
Bitcoin price is unlikely to continue its downtrend. Today, the price was
trading at $8,341.68 at the time of writing. However, the weekly chart shows
that it fell again to the previous day's low of $8,341.68.
Nevertheless, if the asset continues its fall, it will certainly retest the
previous low of $8,000.
The relative strength index period
14 is level 27 indicating that the market is oversold. This suggests that
the bulls will take control of the market. However, that does
not mean the price will not retest the previous low of $8,000 because
it can rally even at the oversold market condition.
BTCUSD
Short-term Trend: Bearish
The daily chart
shows that Bitcoin price has a bearish outlook. Yesterday, the asset was
trading at $8,700 in a range bound movement. Later, the price fell to $8,500
and resumed its range bound movement. Bitcoin finally fell to $8,300.
Since the price has broken the $8,500 level, it may find support at $8,000.
The
views and opinions expressed here do not reflect that of CryptoGlobe.com and do
not constitute financial advice. Always do your own research.
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