Story by: Azeez Mustapha
BTCUSD Medium-term Trend: Ranging
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,900, $3,700, $3,500
On March 23, the price of Bitcoin tested the $4,200 price level and was resisted. The bears broke the 12-day EMA to a low at $3,831.30. However, the bulls pulled back price above the 12-day EMA. The crypto’s price is now trending above the 12-day EMA as a support level. On the upside, the bulls may likely break the $4,200 resistance level if we have more buyers than sellers at the resistance level.
The resistance level had remained unbroken since November 24, 2018. On the downside, if the bulls fail to break the $4,200 resistance level, the crypto’s price will find support at the 26-day EMA. Meanwhile, the stochastic indicator is at the overbought region but above the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Bullish
On the 4-hour chart, the price of Bitcoin had been in the bullish trend zone since March 16. On March 16, the bulls tested the $4,160 price level and the crypto’s price fell to the support of the 26-day EMA. Also, on March 18 and 19, the bulls tested the $4,120 price levels and were also resisted as the price fell to the support of the 26-day EMA.
The BTC price is trading at $4,099.80 as the bulls make another attempt at the resistance levels. If the price of Bitcoin has more buyers at the upper price levels, the bulls will break the $4,120 and $4,200 resistance levels and reach a high of $4,500 price level. Meanwhile, the stochastic band is at the overbought region but below the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
Original story: https://www.cryptoglobe.com/latest/2019/03/bitcoin-btc-price-analysis-march-20/by