Photo: Jason Benjamin / Flickr
Key Highlights:
- The Bulls are already in control of the price;
- the breakup at $8,233 level will expose $8,678 resistance level;
- the price retracement is inevitable.
BTC/USD -term Trend: Bullish
Resistance levels: $8,233, $8,678, $9,265
Support levels: $7,812 $7,440, $6,869
/USD is bullish on the medium-term outlook. As it was predicted last time, the Bulls defended $6,869 demand level and the former resistance levels at $7,440, $7,812 were penetrated and the price touched $8,233 price level. Further increase in price was resisted at the $8,233 and the price retested the demand level of $7,812 yesterday. Today in the 4-Hour chart, the market opened with a bullish candle in preparation for the price to resume its bullish trend.
It seems the price is consolidating at $7,812 level. However, the coin is still above the 21 periods EMA and 50 periods EMA. The distance between the price and the two EMAs is maintained to indicate that the Bulls’ momentum is equally maintained. The Stochastic Oscillator period 14 is at 80 with the signal lines parallel at the level to indicate that price may consolidate for a while.
Should the demand level of $7,812 holds, the Bulls will resume their uptrend movement which may break up the $8,233 level and target $8,678 level. Otherwise, consolidation may continue.
BTC/USD Short-term Trend: Bullish
/USD is bullish in the short-term outlook. The Bulls prevailed over the Bears to break out of the sideways movement price engaged in last few days. The bullish momentum made the rallied towards the north side and it broke up $7,440 and 47,812 levels.
price reached a high of $8,233 price level. The price retracement was carried out towards $7,812 level. Yesterday price was supported at the dynamic support level (50 EMA).
The coin is above the 21 periods EMA and 50 periods EMA. However, the Stochastic Oscillator period 14 is at $75 bending down to connotes sell signal.
Published at Wed, 15 May 2019 14:19:23 +0000
