BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,400, $3,100, $2,900
Last week the BTCUSD pair was in a bearish trend. The crypto’s price fell from the $4,000 price level to the low of $3,277.69 but Bitcoin recovered to the high of $3,642.30. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is within the bearish trend zone. However, if the bulls break the $3,600 price level, the price of Bitcoin will resume its uptrend.
On the other hand, if the bears break the $3,400 price level, the crypto will resume its downtrend. Meanwhile, the Stochastic is above the 20% range but the blue band of the Stochastic is above the red band. This implies that the BTC price has a bullish momentum and a buy signal.
BTCUSD Short-term Trend: Ranging
On the 4-hour chart, the crypto’s price is in a bearish trend. The crypto’s price reached the low of $3,367.30 and commenced a range bound movement. The bulls broke the 12-day EMA and the 26-day EMA but could not sustain their hold above the exponential moving averages. The price is neither below nor above the EMAs indicating a sideways trend.
Meanwhile, the Relative Strength Index period 14 is level 47 which indicates that the price is in the sideways trend zone.
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