Photo: QuoteInspector
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
On the Medium-term outlook, BTC/USD is ranging. The crypto was bearish last week trending down towards $4,988 support level. The Bears lost the momentum at $4,988 price level and the bulls have no pressure, then; BTC/USD started consolidating within the range of $5,299 resistance level and $4,988 support level.
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
BTC/USD continued the ranging movement on the short-term outlook. The crypto found its support at $4,988 price level on April 12. The Bulls pushed the coin from the mentioned support level towards the $5,299 price level but resisted by the dynamic resistance level of 21 and 50 periods EMAs. The sideways movement commenced.
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.
