BTCUSD Medium-term Trend: Ranging
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,800, $3,600, $3,400
The price of Bitcoin is in a range bound movement. From the daily chart, and on March 9, the bulls reached a high of $3,917, and the crypto's price made a downward correction to the support of the 12-day EMA. The BTC price fell to the support at $3,849.68.
Since then the crypto's price had been ranging above the $3,800 price level in the last five days. From the range bound movement, a price breakout or price break down may likely occur. On the downside, if the bears break below the EMAs or the $3,800 price level, the crypto's price will fall to the lows of $3,600 and $3,700.
Today, the bulls are making a bullish movement at the support of the 12-day EMA. On the upside, and at the support of the 12-day EMA, if there is a price breakout, the crypto will rise and close above the $4,200 price level. Meanwhile, the stochastic indicator is out of the oversold region but below the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Ranging
On the 4-hour chart, the price of Bitcoin was in a sideways trend. The12-day EMA and the 26-day EMA have been trending horizontally indicating the sideways trend. The crypto's price had been ranging above the EMAs. Today, the bulls are making a bullish movement above the EMAs.
If price is sustained, the crypto's price may reach the previous highs. Meanwhile, the stochastic band is out of the oversold region but above the 60% range which indicates that the crypto is in a bearish momentum and a sell signal.
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