BTCUSD Medium-term Trend: Bullish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $4,000, $3,800, $3,600
Yesterday, the price of Bitcoin was retracing after the BTC price reached the high of $4,218. The crypto's price retraced to the low of $4,100 price level which had been sustained in the last 48 hours. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise.
In the same vein, if the bulls continue to sustain their hold above the $4,100 price level, Bitcoin will rally at the $4,500 or $5,000 price level. On the downside, if the bears break the 12-day EMA and the 26-day EMA, the crypto will fall to the $3,900 price level.
Meanwhile, the Stochastic is approaching the overbought region but below the 80% range which indicates that the price of Bitcoin is in a bullish momentum and a buy signal.
BTCUSD Short-term Trend: Bullish
On the 4-hour chart, the crypto's price is in the bullish trend zone. The crypto's price retraced to the support of the 12-day EMA. The crypto's price is likely to rise because the price is above the 12-day EMA and the 26-day EMA. Meanwhile, the stochastic is out of the overbought region but below the 60% range.
The stochastic blue band is making a U-turn. This indicates that the price of Bitcoin is in a bearish momentum but the bears appear to have exhausted their bearish movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.