Photo: QuoteInspector
Key Highlights:
- Sideways movement may continue in the Bitcoin market in case the Bulls lose the pressure;
- the breakout at $5,459 level will expose Bitcoin price to $5,574 in case the Bulls gain more pressure;
- traders should be patient before taking a position.
BTC/USD Medium-term Trend: Ranging
Resistance levels: $5,459, $5,574, $5,840
Support levels: $5,255, $4,988, $4,742
On the medium-term outlook, BTC/USD is still on the sideways movement. BTC/USD has been range-bound since April 17 within the supply level of $5,955 and the demand level of $5,255.
On April 19, the Bulls made an attempt to push the coin downward but it was resisted at the dynamic demand level of 21 periods EMA. An attempt by the Bulls to push up the coin to reach the supply level $5,459 has not been made possible.
The coin has been hovering over the 21 periods EMA and 50 periods EMA with sluggish in Bitcoin price. The Stochastic Oscillator period 14 is at 40 with the signal lines pointing upward to indicate a buy signal.
The increase in bullish pressure will push up the coin towards $5,459 resistance level; in case the level does not hold BTC may have its high at $5,574. Should the level of $5,459 holds, the Bears will push the coin down towards $5,255.
BTC/USD Short-term Trend: Bullish
BTC/USD is on the bullish movement on the short-term outlook. The bullish engulfing candle formed on April 22 propelled the coin to break up the two dynamic resistances of 21 periods and 50 period EMAs. Bitcoin price retested the broken level and currently continues the bullish trend. The sluggish uptrend movement may continue until it reaches $5,459 level.
The 21 periods EMA is trying to cross the 50 periods EMA, to establish the bullish trend. The Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing downward to indicate sell signal.
