BTCUSD
Medium-term Trend: Bullish
Resistance: $7,800, $7,700, $7,600
Support: $7,200, $7,300, $7,400
On 24 May, the Bitcoin price
broke the support level at $7,500 after several days of fluctuating below and
above that level. The asset fell to $7,127 and resumed a range-bound movement.
The range-bound movement resulted in a bullish breakout above $7,500. The asset
was trading at $7,548.60 at the time of writing.
Today, the weekly chart shows that
the Bitcoin price attempts to establish itself above the $7,500 level. A
bearish trend line is drawn across the price bars, to determine the end of the
bearish trend. On 29 May, the Bitcoin price has broken the bearish trend line
and the candlestick closed on the opposite of the trend line. The asset was
also in a bullish movement above $7,500.
This implies that the
bearish trend may have ended. However, if the price consolidates and
establishes above the $7,500 level, traders can initiate long trades.
BTCUSD Short-term Trend: Bullish
On the daily chart, the Bitcoin
price is in a bullish trend. The bearish trend made the asset fall to $7,100.
After the price consolidated at $7,100 for two days, it made a bullish movement
to $7,400. It was at that price level that the asset made its way above
$7,500.
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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