In this Bitcoin price analysis, if the bulls are able to break above the EMAs, BTCUSD price will rise to retest the $5,200 price level.
Yesterday, April 15, we saw that Bitcoin price was in a downward trend. Today, BTC price resumed the bullish trend while trading above the $5,000 price level. After testing the $5,200 price level, the bulls were resisted and the price dropped and broke below the 12-day and the 26-day Exponential Moving Averages (EMAs). Bitcoin price declined to a low at $5,033.20 and then resumed an upward movement.
If the bulls are able to break above the said EMAs, the BTC price will rise to retest the price level of $5,200. However, if they are unable to break above the EMA, the price will drop. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line, indicating a sell signal. The crypto’s price is below the 12-day as well as the 26-day EMAs, thus indicating that price is in the bearish trend zone.
As the 1-hour chart shows, BTCUSD price is in a bearish trend zone. The 12-day and the 26-day EMAs are moving southward. The price of BTC declined to a low at $5,033.20 and then resumed a range bound movement. Bitcoin price is now below the EMAs which is an indication that price is likely to drop.
Nevertheless, if BTC price continues to decline, the price will drop to a low at $4,800 level. The MACD line and the signal line are now below the zero line indicating s a sell signal. BTCUSD price is below the 12-day and the 26-day EMAs which indicates that price is in the bearish trend zone.
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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