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.
Key Highlights:
- The Bitcoin price remains at $5,299;
- the Bulls are still in control of the BTC market;
- BTC/USD is expected to break up $5,299 price level.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $5,299, $5,574, $5,840
Support levels: $4,988, $4,742, $4,491
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 Short-term Trend: Bullish
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.
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