By
Chimamanda U. Martha
April 24th, 2024
More pressure from the Bears after the pullback will decrease Bitcoin price further, which may break $7,600 level and target $7,195 level. Should the Bulls defend the demand level of $7,600 the coin may target $8,235 level.
Key Highlights:
- Bitcoin price reversed at $7,600 level;
- the Bulls may take over Bitcoin market fully;
- the price is heading towards $8,235 level.
BTC/USD Medium-term Trend: Bearish
Resistance levels: $8,235, $9,398, $10,168
Support levels: $7,600, $7,195, $6,856
Bitcoin price turned Bearish on the medium-term outlook. Bitcoin was consolidating on the dynamic support and resistance level last five days. The Bulls momentum was weak and the Bears prevailed over the bulls with the formation of strong massive bearish candle that broke down the Dynamic resistance and support level, passed through the barrier at $8,235 level and the price bottomed at $7,600 support level yesterday. At the opening of the market today on 4-hour chart, a bullish candle emerged which may serve as a pullback for Bitcoin price before the continuation of a bearish trend.
The 21-period EMA has crossed the 50 periods EMA downside as a sign of bearish momentum in the Bitcoin market. The crypto is trading below the two EMAs. The Moving Average Convergence Divergence period 12 is below zero levels and the signal lines bending down to indicate sell signal.
More pressure from the Bears after the pullback will decrease Bitcoin price further, which may break $7,600 level and target $7,195 level. Should the Bulls defend the demand level of $7,600 the coin may target $8,235 level.
BTC/USD Short-term Trend: Bearish
BTC/USD is Bearish on the short-term outlook. On the 1-hour chart, the coin is under the bearish pressure. The Bearish momentum came in to play after the Bulls lost their momentum at the dynamic support and resistance level. The price dropped to the level below $7,600. A tweezer bottom candle produced yesterday is a bullish reversal candle pattern; this is what brought about a reversal of the price towards $8,235 level.
Meanwhile, MACD period 12 and its histogram are above zero level and the signal line pointing up to indicate a buy signal.