BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $5,100, $4,900, $4,700
Bitcoin has been trading in the bullish trend after the bulls tested the $5,400 resistance level and were resisted. Since April 10, the bulls have been testing the $5,400 level and BTC’s price fell to a support at the $5,000 level. Bitcoin is now trading within a tight range between $5,000 and $5,200.
If the bulls break the $5,200 resistance level, the crypto’s price will rise and reach highs of $5,500 and $6,000. However, if the bulls fail to break the $5,200 resistance, the crypto’s price will continue its ranged movement.
Meanwhile, the 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: Bullish
On the 4-hour chart, the price of Bitcoin is in a bullish trend. The cryptocurrency’s price has fallen to a low of $5,033.20 after the bulls were resisted at the $5,200 mark. Today, the bulls are facing another resistance near the $5,300 level.
The bullish trend appears to be about to end as a candlestick broke its trendline. The price is, as a result, likely going to drop back to the EMAs where it finds support. The Stochastic indicator is in the overbought region above 80, indicating the cryptocurrency is in a strong bullish momentum.
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