BTC in medium term
Bitcoin is within an approximate horizontal trend channel in the medium long term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is moving within a rectangle formation between support at 53308 and resistance at 67807. A decisive break through one of these levels indicates the new direction for the currency. The currency has support at points 55000 and resistance at points 71000. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the currency and indicates increased chance of a break down. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically neutral for the medium long term.
