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Bitcoin Price Analysis – BTCUSD On A Downward Correction

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In this Bitcoin price analysis, the BTCUSD pair is in a downward correction as the bulls were unable to break the $5,650 resistance level.

Bitcoin Price Analysis

Bitcoin Price Analysis

Bitcoin price was in the bullish trend zone yesterday, April 23 as bulls met resistance at the $5,650 resistance level. Today, April 24, BTC bulls met resistance as the price dropped and broke the 12-day Exponential Moving Average (EMA). However, the price is now approaching the 26-day EMA.

If the downward trend continues and the EMAs are broken, the BTC price will continue the bearish trend. However, if price drops and finds support at the 26-day EMA, the price of Bitcoin will commence its bullish trend and climb to the previous highs.

In the meantime, the stochastic indicator is at the overbought region while below the 80% range, an indication that the BTC price is in bearish momentum, and therefore a sell signal.

BTCUSD Short-term Price Analysis

Bitcoin Price Analysis
As the 1-hour chart shows, the price of the BTCUSD pair is in a bullish trend. BTC bulls tested the resistance level of$5,650 but were resisted yesterday. Again, BTC bulls made another attempt today to break the resistance level of $5,650, this time around, the bears reacted with more resistance. The Fibonacci tool shows that the bears have already broken the retracement levels of 0.236 and 0.382.

This suggests that the price has crossed the continuation zone of the bullish trend and the market is now in a downward trend. Nevertheless, if the price gets to 0.50 and $0.618 Fib. retracement levels, the current trend is about to reverse. The BTC price is currently trading at $5,485.40 at the time of writing.

In the meantime, the stochastic indicator is at the oversold region while below the 40% range, an indication, that the crypto is in a bearish trend, and is, therefore, a sell signal.

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $5,300, $5,100, $4,900

Disclaimer

Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.

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