By
Steve Muchoki
April 19th, 2024
Should the $8,608 level hold, the bulls will continue to put the Bitcoin price on the uptrend track. In case the Bulls lose their momentum with increase in the Bears’ pressure, $8,608 level may be penetrated and the price may find support at $8,233 level.
Key Highlights:
- Bitcoin price broke out of the consolidating zone at $8,233 level;
- BTC is under bullish control;
- the Bears may pull back the price to reach $8,608 level.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $9,007, $9,480, $10,014
Support levels: $8,608 $8,233, $7,812
BTC/USD is Bullish on the medium-term outlook. Within the period of May 19 and May 26 the crypto was range–bound at $7,812 to $8,233 levels. The momentum of the Bears and the Bulls were at equilibrium. On May 26, the Bulls gained more momentum; this is noticed on the 4-hour chart with the formation of a strong bullish candle that broke up $8,233 level and the price reached $8,608.
Followed the scenario is emerging of another bullish candle that penetrated $8,608 and Bitcoin price was pushed to the level of $9,007. The Bears defended the $9,007 level, the price pushed back and currently facing $8,608 level.
Bitcoin price is trading at a distance above the 21 periods EMA and 50 periods EMA; which indicates the strong bullish momentum in the BTC market. The Relative Strength index period 14 is above 70 levels with the signal line bending down to connotes sell signal.
Should the $8,608 level hold, the bulls will continue to put Bitcoin price on the uptrend track. In case the Bulls lose their momentum with increase in the Bears’ pressure, $8,608 level may be penetrated and the price may find support at $8,233 level.
BTC/USD Short-term Trend: Bullish
On the short-term outlook, BTC/USD is Bullish. The Bulls gathered enough momentum on May 26 to break out of the ranging zone which Bitcoin price has been operating for more than four days. The price soared to the north side and the price reached $9,007 level. An inverted pin bar candle emerged; which is a bearish reversal signal. Bitcoin price is currently descending towards $8,608 level.
Meanwhile, the Relative Strength Index period 14 is above 70 levels with the signal line bending down to indicates a sell signal.