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Bitcoin (BTC) is currently trading at $9279 and the price is in a continuous uptrend. The price has recently broken the resistance of $8,951 turning it into support with new resistance at $9,500.
The uptrend is strong as we see a formation of a bullish engulfing pattern which is a strong bullish pattern.
According to Dow Theory, the price is in the excess phase, which is an extension to the public participation phase. During this phase, negative sentiment starts to dissipate. As the good news starts to permeate the market, more and more investors move back in, sending the price higher. It is the phase in which most technical and trend traders start to take long positions.
This phase is followed by the distribution phase, which is represented by the peaking of the market where the price movement starts to flatten as selling pressure increases.
When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen, indicating an uptrend.
Also, the price is moving above the moving averages indicating strong uptrend.
The price was moving between the channels. Recently, the price broke out from the channel and the RSI is moving towards the overbought region but the momentum is positive, indicating a further upward movement. Therefore long position can be taken keeping a stoploss active.
Bitcoin (BTC) is currently trading at $9279. The support is at $8,951 and resistance at $9,500. The trend is positive and it is suggested to take long positions at this point and using the above mentioned levels as target and stoploss. The above levels can also be used for swing trading. The overall trend is bullish with a midterm target price at $9936.