Bitcoin Price Analysis: BTC is On The Verge Of A Bullish Breakout

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Bitcoin Price Analysis: BTC is On The Verge Of A Bullish Breakout
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BTCUSD Medium-term Trend: Bullish


Resistance levels: $6,609, $6,744, $6,918                                            
Support levels: $6,439, $6,286, $6,145
The BTC broke out from the ranging mode it was last week. The coin is bullish in its medium-term outlook. A bullish pin bar was formed immediately after the consolidation and the bulls gained enough momentum, the price rallied to the north rapidly and broke through resistance levels of $6,609 and $6,744 exposed the resistance level of $6,918.
The bears immediately rejected the uptrend movement by pushing the price below the support level of $6,439 and the coin has been moving gradually upward to break out from the support level.
The 10-day EMA has crossed the 50-day EMA upside; the coin is above 10-day EMA and the 50-day EMA. Should the price break out to the north from this level; there is a probability that it will find its high at the resistance level of $6,609. In case the support level of $6,439 holds the price will experience downtrend.
Nevertheless, the Stochastic Oscillator 14 is above 40 levels with its signal lines pointing to the north which indicates a buy signal.

BTCUSD Short-term Trend: Ranging


BTC on the 1-Hour chart is ranging. The price skyrocketed to the resistance level of $6,744 by the bulls’ strong pressure with the formation of massive strong bullish candles yesterday. It lost the pressure and the bears took over by moving the coin to the lower support level of $6,439. The price started consolidating around the support level of $6,439.
The coin is above the 10-day EMA and 50-day EMA on the support level. Only more buyers with higher momentum will be able to push the price back to the previous high. In case the bears increase their momentum and break the support level downside it will expose the market to the lower support level of $6,286.  


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.