BTCUSD Medium-term Trend: Bullish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,500, $3,300, $3,100
The BTCUSD pair had been in the bullish trend zone in the last week. In the past week, the BTC price also retraced from the high of $3,800 to the low of $3,667 as at the time of writing. The retraced crypto’s price found support at the 12-day EMA and the 26-day EMA. Incidentally, the crypto’s price had been fluctuating above the $3,600 price level.
On the upside, if the bulls defend the $3,600 support level and the price is sustained above the EMAs, the crypto’s price is likely to rise. We expect he price to break the resistance at $3,800 and reach the $4,000 price level. Meanwhile, the stochastic band 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: Ranging
On the 4-hour chart, the price of Bitcoin is in a sideways trend zone after the price rally. The crypto’s price has retraced and fallen to the support of the 12-day EMA and the 26-day EMA. The EMAs are neither trending northward nor southward but are trending horizontally indicating that price is in a sideways trend.
Similarly, the crypto’s price is neither below nor above the EMAs indicating that price is in a sideways trend. The stochastic indicator is out of the overbought region but above the 20% range which indicates that the price is in a bullish momentum and a buy signal.
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