Resistance levels: $5,299, $5,574, $5,840

Support levels: $5,009, $4,988, $4,786

BTC/USD is on the bullish movement on the medium-term outlook. BTC price crossed over the two EMAs on March 27 and the coin has been steadily increasing in price, trading above 21 periods EMA and 50 periods EMA.

On April 2 the bullish momentum got increased suddenly and the BTC price soared to the north with the strong pressure from the Bulls. The BTC price touched $5,299 price level after it penetrated the barriers at $4,742 and $4,988 price level. The Bears prevented the BTC price to go beyond the level of $5,299 and it was pushed down below $4,988 level, this may serve as a retracement. At the moment, the Bullish momentum is gradually increasing.

BTC is already trading above the two EMAs in which the 21 period EMA is above the 50 periods EMA and well separated which is an indication of a strong bullish trend. The MACD with its histogram is gradually flipping above zero levels and the signal line is above zero levels which indicate a continuation of an uptrend.

BTC is on the sideways movement on the short-term outlook. Immediately the Bulls topped the BTC price at $5,299. The Bears reacted negatively to the uptrend movement by the formation of big bearish candles that returned the price to $4,988 price level. Since then, the coin has been moving sideways around $4,988 levels.

The two EMAs are flat horizontally showing no direction at the $4,988 levels and the coin is hovering over 21 and 50 periods EMA which indicates that consolidation is ongoing in the BTC market on 1-hour chart. The histogram and the signal lines of the MACD are flat on the zero levels which imply that consolidation may continue for a short period of time.  

The post Price Analysis: Bitcoin Bulls Are Targeting $5,299 Price Level appeared first on ZyCrypto.

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