By
Godfrey Benjamin
April 20th, 2024
In case the Bulls defend the $6,869 level, the bullish trend will continue and may break up the $7,440 level and target $7,812 level. Should the demand level of $6,869 does not hold, the Bitcoin price will target $6,332 level.
Key Highlights:
- The Bulls are may take over Bitcoin market;
- the breakup at $6,121 level will expose $6,332resistance level;
- the Bitcoin price may bounce at $6,121 level.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $7,440, $7,812, $8,233
Support levels: $6,869, $6,332, $5,925
On the medium-term outlook, BTC/USD is bullish. The Bulls have no time for the Bears in the market of Bitcoin since May 06, when the Bulls defended the $5,946 demand level and Bitcoin price bounced. Bitcoin rallied to the north and broke up $6,332, $6,869 levels moved up towards $7,440 level. On May 12, a Tweezer top candle pattern formed; which is a bearish reversal pattern. The Bitcoin pulled back to $6,869 where it is currently consolidating.
Bitcoin price is trading above the 21 periods EMA and 50 periods EMA. The distance between BTC price and the two EMAs is increasing to indicate that the Bulls’ pressure is increasing. The Stochastic Oscillator period 14 is at 40 with the signal lines twisted to each other to indicate that consolidation is ongoing in the BTC market.
In case the Bulls defend the $6,869 level, the bullish trend will continue and may break up the $7,440 level and targets $7,812 level. Should the demand level of $6,869 does not hold, the coin will target $6,332 level.
BTC/USD Short-term Trend: Bullish
BTC/USD is ranging in the short-term outlook. The Crypto was ranging last week, the Bulls gained enough momentum and pushed up the coin to reach the supply level of $7,440 on May 12. The Bears reacted against the price increase by the formation of a hanging man candle pattern, which reversed the Bitcoin price to touch $6,869 demand level. Sideways movement is ongoing on the 1-hour chart in the Bitcoin market.
The coin is trading in between the 21 period EMA and 50 periods EMA with the two EMAs flat at the level showing no direction confirms the ongoing consolidation. However, Stochastic Oscillator period 14 is at $75 bending up to connotes buy signal.