BTCUSD Medium-term Trend: Ranging
Resistance levels: $6,509, $6,559, $6,621
Support levels: $6,437, $6,359, $6,319
Yesterday, the cryptocurrency was consolidating on the 4-Hour chart.
The pin bar formed at the resistance level of $6,359 on November 3rd returns the bullish pressure into the BTC market. The bulls gained momentum and the BTC price rallied to the north by breaking the resistance levels of $6,437 and $6,509. The bears rejected the continuation of the price increase by the formation of bearish candles that led to consolidation on the support level of $6,437.
The current consolidation of BTC price could be the retest of the broken level which characterizes the trending market. The 21-day EMA is about to cross the 50-day EMA which connotes bulls pressure. BTC price is above the two EMAs indicating upward movement.
In case the support level of $6,437 holds the BTC will continue its uptrend movement and rally to the north to break the resistance level of $6,509 and expose the coin to the upper resistance level of $6,559. Should the bears gain momentum and break the support level of $6,437 downside the coin will find its low at $6,359 support level. However, the Stochastic Oscillator is above 50 levels with its signal lines point to the north, which indicates a buy signal.
BTCUSD Short-term Trend: Ranging
The BTC price is in a ranging trend on the 1-hour chart. The BTC price rallied to the north on November 4, it broke upside the resistance level of $6,437 and $6,509 after which the bears rejected further increase and the BTC price fell to the support level of $6,437 where it started consolidating. Yesterday, the coin was ranging between the two EMAs which acts as dynamic resistance and support.
Currently, the price is still ranging between 21-day EMA and 50-day EMA. Meanwhile, the Stochastic Oscillator period 14 is above level 50 with the signal line point to the north which indicates that the market may resume the uptrend movement.
