Should the demand level of $7,812 hold, the Bulls will resume their uptrend movement which may push Bitcoin price to break up the $8,233 level and target $8,678 level. Otherwise, consolidation may continue.
Key Highlights:
- The Bulls are already in control of the Bitcoin price;
- the breakup at $8,233 level will expose $8,678 resistance level;
- the price retracement is inevitable.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $8,233, $8,678, $9,265
Support levels: $7,812 $7,440, $6,869
It seems the Bitcoin price is consolidating at $7,812 level. However, the coin is still trading 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 Bitcoin 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
Bitcoin price reached a high of $8,233 price level. The price retracement was carried out towards $7,812 level. Yesterday BTC price was supported at the dynamic support level (50 EMA).
The coin is trading above the 21 periods EMA and 50 periods EMA. However, the Stochastic Oscillator period 14 is at $75 bending down to connotes sell signal.
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