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BTCUSD Medium-term Trend: Bullish
• Resistance levels: $7,000, $7,200, $7,400
• Support levels: $3,900, $3,700, $3,500
On February 25, the bulls broke the 12-day EMA, the 26-day EMA, and the $3,800 price level to reach the bullish trend zone. The BTC price had been trading between the levels of $$3,800 and $4,000 since February 25. On March 27, the bulls broke above the $4,000 resistance level.
Yesterday, the price made a downward correction but the bulls resumed their bullish trend. Presently, the bulls are battling to break the $4,100 resistance level. On the upside, if the bulls break the $4,100 resistance level, the BTC price will reach the highs of either $4,200 or $4,500 price level.
On the other hand, if the bulls fail to break the resistance level, the price will fall to the support of the EMAs. Meanwhile, the stochastic indicator is at the overbought region but above the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin was in a range bound movement. The crypto’s price had been ranging above the $4,000 price level since March 19. The BTC price faces resistance at the $4,100 and the $4,200 price levels. Today, the crypto’s price reached a high of $4,101.50 but the bulls were resisted.
A bullish trend line was drawn to show the terminated bullish trend at the $4,100 price level. On the downside, if the bulls fail to break the $4,100 resistance level, the price will fall to the support of the EMAs . On the upside, a price breakout will enable the bulls to break the $4,100 resistance level.
Meanwhile, the stochastic is at the overbought region but above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
