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BTCUSD Medium-term Trend: Bullish
• Resistance levels: $7,000, $7,200, $7,400
• Support levels: $4,900, $4,700, $4,500
Yesterday, April 4, the price of Bitcoin was in a bullish trend. The BTC price was ranging above the $4,900 price level as it encountered resistance at the $5,200 price level. On April 2, the BTC price closed at $4,922.10 after the price rally. On April 3, the bulls reached a high of $5,335.50 but closed at $4,978 price level.
The bulls were unable to break and close above the $5,200 price level. The crypto’s price is now ranging between the levels of $4,900 and $5,200 for a possible price breakout. The crypto’s price is above the EMAs which indicates that price is likely to rise.
Nevertheless, if crypto’s price continues its range bound movement it may encounter another price breakout which will make the crypto rally above the $6,000 price level. Meanwhile, the stochastic indicator is at the overbought region but below the 80% range which indicates that the crypto is in a bearish momentum and a sell signal.
BTC/USD Short-term Trend: Bullish
On the 4-hour chart, the price of Bitcoin is in a bullish trend. The crypto’s price is trending above the 12-day EMA and the 26-day EMA which indicates that the price is in the bullish trend zone. On April 3, the bulls tested the $5,200 price level and were resisted.
The price fell to the support at the 12-day EMA to resume its bullish trend. On the upside, if the bulls break the $5,200 resistance level, the crypto’s price will reach the previous high of $5,500 price level. On the other hand, if the bulls fail to break the $5,200 price level, the crypto’s price level is likely to fall.
Meanwhile, the stochastic indicator is at the oversold region but above the 20% range which indicates that the crypto is in a 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.
