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Bitcoin(BTC)trade is currently is trading at $11,713. When looking at the chart we can see a clear uptrend, with the trend line acting as support. Also, when looking at the bigger picture it can be seen that the price is moving from an upwards to a sideways movement.
The resistance level is at $12,123 with support at $11,673. As long as the Bitcoin price is above $11,850 the trend is bullish, and if it would fall below it then the price can test the support level.
According to Dow Theory, the cryptocurrency price is in the excess phase, which is an extension of the public participation phase. Correction is usually seen after the excess phase, and then again the price starts going up until it reaches the distribution phase. The trend is bullish in the participation phase.
The BTC price is moving between the channels with the middle average line acting as support. The band is shrinking, indicating less volatility and indecision in the market. Swing trading can be done using the band’s upper and lower limits.
When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen. Although the crossover is bullish, the price is moving below the nine period moving average, indicating indecision. It is suggested to wait until the price crosses the 9 period moving average with a good volume.
Bitcoin(BTC)trade is currently is trading at $11,713. Resistance level is at $12,123 with support level at $11,673. Although the trend is bullish, a correction is still expected as there is indecision in the market.
It is suggested to take long positions only after the Bitcoin price closes above the resistance. Swing trading can be done using the above-mentioned levels. If the price closes above the resistance then the target is at $12,700 and if it closes below support then the price can fall all the way to the $11,300 level.