By Azeez Mustapha
Updated
2 min read
In case the demand level of $7,812 holds Bitcoin price may bounce and resume its bullish trend which may break up the $8,233 and target $8,678 level. Should the Bears exert more pressure and break down the $7,812 demand level, BTC may fall to $7,440.
Resistance levels: $8,233, $8,678, $9,265
Support levels: $7,812 $7,440, $6,869
BTC/USD remains bullish on the medium-term outlook. The Bitcoin had strong bullish days last week. The H4 charts show that the coin after having a good bullish movement that broke up the $7,812 price level makes a little consolidation above the level.
On May 19, the Bulls pushed Bitcoin price to reach a good level of resistance at $8,233. The level is held and the bitcoin price could not break up. The price ends up producing bearish candles and is heading towards $7,812 level at the moment.
In case the demand level of $7,812 holds the Bitcoin may bounce and resume its bullish trend which may break up the $8,233 level and target $8,678 level. Should the Bears exert more pressure and break down the $7,812 demand level, Bitcoin price may fall to $7,440 level.
However, Bitcoin price still remains above the 21 periods EMA and 50 periods EMA as a bullish sign. The Stochastic Oscillator period 14 is above 80 levels and the signal lines bending down which indicates sell signal.
BTC/USD is bearish in the short-term outlook. The last week Bullish momentum eventually pushed Bitcoin price to reach a high of $8,233 price level. Yesterday’s market ended with a doji star candle at the resistance level of $8,233. A strong bearish candle opened the Bitcoin market today that returned the Bitcoin price to the demand level of $7,812.
The coin is currently ranging at the level. It seems the price has formed an ascending channel on the 1- Hour chart. The stochastic Oscillator period 14 is above 25 levels with the signal lines pointing down to connote sell signal.
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.
