BTCUSD Medium-term Trend: Bullish
Resistance levels: $7,000, $7,200, $7,400
Support levels: $3,700, $3,500, $3,300
From the daily chart, the BTCUSD pair was in the bullish trend zone after February 8 price rally. Last week the price of Bitcoin reached a high of $3,800 but the bears made a downward correction to the low of $3,681.10. The BTC price was sustained above the EMAs, while the crypto’s price was range bound above the $3,600 price level in the last week.
On February 17, the crypto’s price was making a series of higher highs and higher lows but may face resistance at the $3,800 price level. This resistance level was the previous support level of December 31 which was broken by the bears on January 10. On the upside, the BTC price is expected to reach the levels of $4,000 and $4,200, if more buyers come in at the $3,800 price level. The crypto will rise if the BTC price is sustained above the 12-day EMA and the 26-day EMA.
On the downside, if the bullish trend line is broken, the bullish trend is said to be terminated and the crypto will resume its range bound movement. Meanwhile, the stochastic band is at the overbought region but below the 80% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Bullish
On the 4-hour chart, the price of Bitcoin is in a bullish trend zone after the range bound movement. Last week, the 12-day EMA and the 26-day EMA were trending horizontally indicating the sideways trend. Today, the bulls have broken the 12-day EMA and the 26-day EMA. The BTC price is trading at $3,828 as at the time of writing.
If the crypto's price is sustained, the resistance level would be broken and the crypto price would reach its previous high of $4.000. Meanwhile, the stochastic band is at the overbought region but below the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
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