In this Bitcoin price analysis, BTCUSD is likely to retest the resistance level of $5,650 if the bulls sustain the price is sustained above the EMAs.
Last week, the price of Bitcoin (BTC) was in a bullish trend zone as the bulls climbed high above the $5,600 price level. They were, however, resisted and BTC price dropped to a low at $5,215 and later commenced its upward trend. This week, traders can watch the price levels of $5,200 and $5,400.
Since April 2, the price of Bitcoin had been trading in the bullish momentum as the price had been trending above the 12-day and 26-day Exponential Moving Averages (EMAs) suggesting that the crypto’s price is likely to rise. This week, however, the BTC price is likely to retest the resistance level of $5,650 if the bulls sustain the price above the EMAs.
On the other hand, if the bulls are unable to break the said resistance level, Bitcoin price will decline. If that does happen, the price will find support at the $5,200 level. However, if this support level is broken, the price of BTC will continue the downtrend. In the meantime, the stochastic indicator is at the overbought region while above the 60% range, an indication that Bitcoin is in a bullish trend and a buy signal.
Looking at the 4-hour chart, the BTCUSD pair was trading above the price level of $5,400. Last week, the bears broke the $5,400 and found support at the $5,200 level. The price made of BTC made an upward correction to reach the bullish trend zone. At the moment, BTCUSD price is trading above the 12-day and the 26-day EMAs while facing resistance at the price level of $5,545.
On the other hand, if the bears break the $5,400 price level, BTCUSD price will drop to the bearish trend zone. In the meantime, the stochastic indicator is at the overbought region while below the 80% range, thus suggesting that BTC is in a bearish momentum and a sell signal.
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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