In this Bitcoin price analysis, BTCUSD is below the EMAs which suggest that the price is likely to decline. If the downward trend continues, the price will fall to a low at $5,000. What is next?
Bitcoin Price Analysis
Bitcoin (BTC) price continued the bearish trend yesterday, April 25. The price of the flagship cryptocurrency was in a bullish trend and it climbed to the previous high of $5,529 following the previous downward correction. Nevertheless, BTC bulls met resistance again at the resistance level of $5,500 and the price dropped to a low at $5,215. In the meantime, Bitcoin price is below the 12-day and the 26-day Exponential Moving Averages (EMA), which implies that price is likely to decline.
If, however, the downward trend continues, the price of Bitcoin will drop to a low at $5,000 level. On the other hand, the bulls will commence its upward trend and climb to $5,500 resistance level if the $5,200 price level is holding. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, suggesting a buy signal. The price is below the 12-day EMA and the 26-day EMA, an indication that BTC price is in the bearish trend zone.
BTCUSD Short-term Analysis
Looking at the 1-hour chart, the price of BTCUSD was in a bearish trend yesterday as the price was trading at the $5,500 resistance level. The bears broke the 12-day as well as the 26-day EMAs after the resistance at the $5,500 level, making the price to plummet to the $5,200 level and commence another bullish trend.
BTCUSD price is likely to break above the EMAs to reach the bullish trend area. Meanwhile, the MACD line and the signal line are just below the zero line which suggests a sell signal. The price of Bitcoin is below the 12-day and the 26-day EMAs, an indication that BTCUSD price is in the bearish trend zone.
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $5,100, $5,000, $4, 900
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.