BTCUSD Medium-term Trend: Bearish
Resistance levels: $7,000, $7,200, $7,400
Support levels: $3,800, $3,600, $3,400
The price of Bitcoin was in a bullish trend zone in the previous week. Last week the BTC price rose from a low of $3,676.40 to a high of $4,255 on February 23. The crypto’s price entered a critical resistance zone at the $4,255 price level. The bulls have not been able to break the $4,255 resistance level in the last three months.
On February 24, the bears made a pull back at the $4,282.40 price level, and the crypto fell to the low of $3,831.40. The bears broke the 12-day EMA but found support at the 26-day EMA. The crypto’s price is neither in the bullish trend zone nor in the bearish trend zone. The BTC price is likely to fluctuate for some days between the levels $3,800 and the $4,200.
On the downside, if the bears break below the $3,800 price level, the crypto will depreciate to the low of $3,600 . Meanwhile, the stochastic band is out of 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: Bearish
On the 4-hour chart, the price of Bitcoin is in a bearish trend zone. On February 24, the bulls reached a high of $4,282.40 but the bears immediately pulled the price back to the low of $3,831.30. The bears broke the 12-day EMA and the 26-day EMA which indicates that the BTC price is likely to continue its fall.
Presently, the price of Bitcoin is ranging above the $3,800 price level. Meanwhile, the stochastic band is in the oversold region but below the 20% range which indicates that the crypto is in a strong bearish momentum and a sell signal.
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