Posted In: Forex Trading Posted On: 2018/05/30 14:53 PM Posted By: ituglobal
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.
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.
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