BTCUSD Medium-term Trend: Bullish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,900, $3,700, $3,500
Last week, on March 18, the price of Bitcoin was in a bullish trend zone. The bulls reached a high of $4,136.50 but faced resistance. BTC then fell to the support of the 12-day EMA at $4,044.80. The crypto’s price is now ranging above the 12-day EMA.
Its price is likely going to rise as long as it manages to stay above the 12-day EMA and the 26-day EMA. If the bulls keep BTC over $4,000, it will test the resistance it has at $4,200. If the bears break below its EMAs, however, Bitcoin’s price will fall.
Its Stochastic indicator is in the overbought region but below 80 which indicates the crypto is in a bearish momentum and is a sell signal.
BTC/USD Short-term Trend: Ranging
On the 4-hour chart, the price of Bitcoin is in a bullish trend. On March 21, the bears broke the 12-day EMA and the 26-day EMA as the crypto’s price fell to a low at $4,039, launching it into a range below its EMAs.
If the bulls fail to break through BTC’s EMAs, it’ll keep ranging around $4,000. The Stochastic band is in the oversold region but above 40 which indicates the crypto is in a bullish momentum and is a buy signal.
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