BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,700, $3,500, $3,300
The BTCUSD pair is in the bullish trend zone as price moves from the $3,300 to $3,800 price levels.The crypto's price broke the 12-day EMA and it is testing the 26-day EMA. The 12-day EMA and the 26-day EMA are moving away from the southward direction indicating that the price is moving away from the bearish trend zone.
The stochastic indicator has moved away from the oversold region and it is in the range above 40%. This implies that the BTC price has a bullish momentum. The crypto's price is expected at the $4,000 price level but will face resistance at the $3,700 and $4,000 price level.
BTCUSD Short-term Trend: Bullish
On the 4-hour chart, the crypto's price is in a bullish trend. From the price action, the BTC price is above the 12-day EMA and the 26-day EMA which indicates that Bitcoin is likely to continue its bullish movement. The stochastic is now in the overbought region above the 80% range.This implies that at the overbought region the bullish momentum of Bitcoin is strong.
The price is retracing from the recent high for a possible resumption of bullish trend. On the other hand, if the price retraces and breaks the EMAs to the downside, the bears will resume the downtrend.
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