BTC/USD Medium-term Trend: Bullish
• Resistance Levels: $6,800, $6,900, $7,000
• Support levels: $4,500, $4,400, $4,300
Yesterday, April 1, the price of Bitcoin was in a bullish trend. The 12-day EMA and the 26-day EMA are trending northward indicating that price is in a bullish trend. Yesterday, the price reached a high of $4149.50 and the bulls were resisted . Today, the BTC price has a price breakout as the bulls broke the $4,200 resistance level. The BTC price is now trading at $4,741.80 as at the time of writing . On the upside, the crypto’s price is likely to rise if the price is sustained above the EMAs.
However, if the price falls and breaks below the EMAs, the BTC price will resume a downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in a bullish trend. The crypto’s price is making a series of higher highs and higher lows. A bullish trend line is drawn to determine the duration of the bullish trend. The bullish trend is ongoing if the trend line is unbroken.
However, if a bearish candlestick breaks the trend line and another one closes on the opposite of it; the bullish trend is said to be terminated. Today, the crypto’s price is above the EMAs indicating that price is in a bullish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal.
Source: bitcoinexchangeguide.com