By
Godfrey Benjamin
April 16th, 2024
After the pullback, the Bulls may push up Bitcoin price to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.
Key Highlights:
- Bitcoin price broke out at $11,300 heading towards $12,900;
- BTC may pull back at $12,900 level;
- the Bulls dominated the Bitcoin market.
BTC/USD Medium-term Trend: Ranging
Resistance levels: $12,900, $13,400, $14,000
Support levels: $12,200, $11,600, $11,300
Bitcoin price is under a strong bullish trend on the medium-term outlook. The Bulls are fully in control of the Bitcoin market. The momentum of the Bulls is propelling the price higher to the new level every day as it was predicted by the cryptocurrency analyst that BTC price may reach $15,000 before the end of June.
Several barriers have been broken by the coin such as $10,000, $11,300, $12,200 levels. Today, on the 4- hour chart, the Bitcoin price touched the resistance level of $12,700 level and pulled back.
The distance between the Bitcoin price and the two EMAs is increasing which is an indication of strong bullish momentum. The Bitcoin is trading above the 21 periods EMA and 50 periods EMA; this indicates a strong bullish trend. Nevertheless, the Stochastic Oscillator period 14 is above $75 and the signal lines bending down to indicate sell signal.
After the pullback, the Bulls may push up the coin to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.
BTC/USD Short-term Trend: Bullish
BTC/USD is Bullish on the short-term outlook. The Bullish momentum is not yet exhausted but rather increased. The $11,600 and $12, 200 resistance level has been penetrated up side by the Bulls pressure and Bitcoin price is currently approaching the resistance level of $12,900. However, the Stochastic Oscillator period 14 is above 80 levels (overbought level) and the signal lines bending down to indicate sell signal which may be a price retracement.