Bitcoin price may resume uptrend movement in case the Bulls increase their momentum and break up the resistance level of $5,299. Should the Bears defend the resistance level of $5,299, the current market situation may persist.
Key Highlights:
- Bitcoin price is consolidating;
- the Bulls may take over the BTC market;
- traders should be patient before taking a position.
BTC/USD Medium-term Trend: Ranging
Resistance levels: $5,299, $5,574, $5,840
Support levels: $4,988, $4,742, $4,491
Bitcoin price was trading in-between the 21 periods EMA and 50 periods EMA with the two EMAs flat horizontally showing no direction. Today, on the 4-hour chart, the first candle is bullish and this broke up the dynamic resistance level of 21 periods EMA. Currently, the BTC price is placed above the two EMAs.
This implies that the bullish pressure is increasing gradually. The Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing upside to indicate buy signal.
Bitcoin price may resume uptrend movement in case the Bulls increase their momentum and break up the resistance level of $5,299. Should the Bears defend the resistance level of $5,299, the current market situation may persist. Traders are advised to wait for direction confirmation before taking a position.
BTC/USD Short-term Trend: Ranging
The 21 periods EMA and 50 periods EMA are interlocked to each other and the crypto started hovering over the two EMAs. It would take a strong directional movement for Bitcoin price to leave the boundaries. As the current position of the Stochastic Oscillator suggests, a rise in momentum is in the offing.
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