BTCUSD Medium-term Trend: Ranging
Resistance levels: $4,447, $4,803, $5,005,
Support levels: $3936, $3,736, $3,415
On the medium-term outlook, BTC is ranging. As it was predicted last week, the coin tested and broke down the support level of $4,447 and fell to a low of $3,736. The bulls pushed it up to the high of $4,447 and entered the ranging movement which is between the resistance level of $4,447 and the support level of $3,936. The cryptocurrency is currently pulling back to the dynamic resistance level.
The coin may likely fall again as it is trading below the 21-day EMA and the 50-day EMA. However, the Stochastic Oscillator is above 25 levels pointing upward which is a buy signal but may be a pullback. Should the bears break the support level of $3,936, the coin will fall to its previous low of $3,736 support level. On the other hand, if $3,936 support level holds the coin may start ranging above the resistance level of $4,447.
BTCUSD Short-term Trend: Bearish
The Cryptocurrency was bearish yesterday, meaning that the bears were in control of the BTC market and the coin was making lower lows movement until this morning when the price bottomed around the support level of $3,736. The bears lost the pressure and the bulls pushed the price up above the two dynamic resistances with the formation of the bullish engulfing candle.
The Stochastic Oscillator is above 75 levels with its signal about crossing each other downward which indicates the tendency for further downtrend movement.
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