The breakup of strong resistance level of $5,299 by the Bulls with increased momentum will make Bitcoin price to rally towards $5,574 resistance level. Should the Bears defend the level the second time, BTC price may fall.
Resistance levels: $5,299, $5,574, $5,840
Support levels: $4,988, $4,742, $4,491
On the Medium-term outlook, BTC/USD is still on the bullish trend. On April 3, Bitcoin price reached a high of $5,299 but unable to break up. The Bears resisted further increase in the price of BTC and the coin was pulled back to retest the broken support level of $4,988.
On April 4, BTC resumed its uptrend movement towards the previous high. At the moment, the coin is making an attempt to break up the $5,299 price level.
Bitcoin price is steadily trading above the 21 periods EMA and 50 periods EMA with the two EMAs fanned apart and steeply upward to indicate strong bullish momentum in the BTC market. The histogram of Moving Average Convergence Divergence period 12 is below zero levels and the signal lines bending down to indicate sell signal and also shows that the coin is facing a strong resistance level.
The breakup of strong resistance level of $5,299 by the Bulls with increased momentum will make the coin to rally towards $5,574 resistance level. Should the Bears defend the level the second time, BTC price may fall.
BTC/USD is on the bullish trend on the short-term outlook. The Bears returned Bitcoin price below $4,988 price level on April 4, after it touched $5,299 price level and the Bulls lost momentum. The Bulls also prevented the price to reach the support level of $4,742 by the formation of inside bar candle pattern that propelled the BTC price to reach $5,299 price level.
Bitcoin price remains above the 21 periods EMA and 50 periods EMA. The Moving Average Convergence Divergence periods 12 with its histogram and signal lines are above zero levels which indicates buy signal and a further increase in the price.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
