If the bears maintain their bearish momentum the previous low of $3,247 price level may be the target of Bitcoin.
Key Highlights:
- Bitcoin price broke out of the ranging movement;
- the Bulls lost the momentum on the 4-Hour chart;
- there is a probability for further declination of BTC price.
BTC/USD Long-term Trend: Bearish
Resistance levels: $3,679, $4,249, $4,715
Support levels: $3,247, $2,765, $1,956
BTC price has broken the barrier of the two EMAs, currently trading below the 21-day EMA and 50-day EMA as evidence of bearish pressure. The Relative Strength Index period 14 is at 40 levels with the signal lines bending downward which signify that Bitcoin price will fall further. If the bears maintain their bearish momentum the previous low of $3,247 price level may be the target of the coin.
BTCUSD Medium-term Trend: Bearish
The 50-day EMA is currently placed above the 21-day EMA with Bitcoin price trading below the two EMAs which indicates the high momentum of the sellers. The RSI period 14 is at 20 levels with the signal line pointing up which indicates buy signal; this could be a price retracement. A bullish rally may be envisaged in case the resistance level of $3,679 price level does not hold and a strong bullish candle is closed above the $3,679 price level.
next