Higher bearish pressure will break down the demand level of $5,459 and it may extend to the $5,255 demand level. In case the demand level of $5,459 holds, Bitcoin price may bounce and have its high at $5,574.
Key Highlights:
- Bitcoin price may bounce at the $5,459 support level;
- the breakout at $5,459 level will expose $5,255 demand level;
- double top chart pattern noticed on the 1-hour chart.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $5,459, $5,574, $5,716
Support levels: $5,255, $4,988, $4,742
The bullish momentum was lost at the level; the Bears took over by exerted a selling pressure. The coin is heading towards the south. The selling pressure has placed Bitcoin price at $5,459 level at the time of writing this report.
Though the coin still remains above the 21 period EMA and 50 periods EMA; the bearish candle directly touching the 21 periods EMA. The Stochastic Oscillator period 14 is at 60 with the signal lines pointing downward to indicate sell signal.
Higher bearish pressure will break down the demand level of $5,459 and it will extend to the $5,255 demand level. In case the demand level of $5,459 holds, Bitcoin price may bounce and have its high at $5,574.
BTC/USD Short-term Trend: Bearish
BTC price is currently below the 21 periods EMA and 50 periods EMA with the price increasing towards the two EMAs.
Meanwhile, the Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing upward to indicate buy signal and gradual increase of the Bulls’ momentum.
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