Bitcoin price (COIN:BTCUSD) is bearish in the short-term, but bullish in the long-term. Price dropped massively in May 2021, and then consolidated until mid-July and then rose massively.
The market is currently above the upper Trendline, and the RSI period 14
is also above the level 50, signifying a northwards propensity. The current
bullish momentum is no under threat, as long as price does not go into the
Trendlines.
The bias on BTCUSD is bullish for this year, despite any pullbacks along
the way. Pullbacks into support levels should be seen as long-term buying
opportunities.
Bitcoin is expected to go further northwards in spite of all odds to
reach the resistance levels at 60,000.00, 80,000.00 and 100,000.00 before the
end of this year.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Technical analysis
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