BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,800, $3,600, $3,400
The price of the BTCUSD pair is approaching the bullish trend zone. On February 25, the bulls broke the 12-day EMA, the 26-day EMA and reached a high of $3,921.8. The price of Bitcoin is now ranging above the $3,900 price level. The crypto’s price is above the EMAs which indicates that the price is expected to rise.
On the upside, if the crypto’s price continues to trade above the $3,900 price level, the BTC price will reach the highs of $4,000 and $4,200 price levels. On the downside, if the bears break below the EMAs, the crypto’s price will fall into the bearish trend zone. Meanwhile, the stochastic band is out of the overbought region but above the 40% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. The 12-day EMA and the 26-day EMA had been trending horizontally indicating that the crypto’s price was in a sideways trend. Presently, the BTC price is now trending above the $3,900 price level. The crypto’s price is above the 12-day EMA and the 26-day EMA indicating that the price is likely to rise.
Meanwhile, the stochastic band is in the oversold region and above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.