By
Mayowa Adebajo
May 14th, 2024
Further increase in the Bulls’ momentum will further increase Bitcoin price in which the resistance level of $4,254 may be its target. There is a tendency for the BTC price to experience pullback at the $4,254 before it continues its uptrend movement.
Key Highlights:
- Consolidation is over in Bitcoin market;
- the Bulls dominate the BTC market;
- the coin may find its resistance at $4,254 price level.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $4,254, $4,385, $4,454
Support levels: $4,130, $4,050, $3,961
On the Medium-term outlook, BTC/USD is Bullish. Last week, BTC/USD bottomed at $3,961 and the Bulls rejected a further reduction in the price of BTC by gathering the momentum and pushed up the BTC price. As predicted before, the Bulls were able to break up the $4,050 price level and extended the bullish pressure towards $4,130 in which the level could not hold. The Bulls broke up the $4,130 and rallying towards the resistance level of $4,254.
The 21 periods EMA is placed above the 50 periods EMA with the two EMAs fanned apart to indicate increased bullish pressure in the BTC market. The Stochastic oscillator period 14 is at 70 levels with the signal line pointing up to indicate buy signal and a further increase in Bitcoin price.
Further increase in the Bulls’ momentum will further increase the BTC price in which the resistance level of $4,254 may be its target. There is a tendency for the price to experience pullback at the $4,254 before it continues its uptrend movement.
BTC/USD Short-term Trend: Bullish
On the short-term outlook, BTC/USD is bullish. The Bulls continue to dominate the BTC market since March 26 when the Bullish engulfing candle formed at $3,961 support level. Bitcoin price continuously increasing steadily and broke up the barriers at $4,050, $4,130. The BTC price is currently exposed to $4,254.
The 21 periods EMA has crossed the 50 period EMA upside and the price is trading above the two EMAs. Bitcoin price may experience price retracement as the Stochastic Oscillator period 14 is above 80 levels (overbought level). There is a tendency for the bullish trend to continue after the price retracement.