Coinspeaker
Bitcoin Price Analysis: BTC/USD May Break Down $7,812 and Target $7,440 Level
Key Highlights:
- The Bulls pushed the Bitcoin price to the level of $8,233;
- Bitcoin price started declining after it touched $8,233 level ;
- the Bears are gradually taking over.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $8,233, $8,678, $9,265
Support levels: $7,812 $7,440, $6,869
BTC/USD remains bullish on the medium-term outlook. The Bitcoin had strong bullish days last week. The H4 charts show that the coin after having a good bullish movement that broke up the $7,812 price level makes a little consolidation above the level.
On May 19, the Bulls pushed Bitcoin price to reach a good level of resistance at $8,233. The level is held and the bitcoin price could not break up. The price ends up producing bearish candles and is heading towards $7,812 level at the moment.
In case the demand level of $7,812 holds the Bitcoin may bounce and resume its bullish trend which may break up the $8,233 level and target $8,678 level. Should the Bears exert more pressure and break down the $7,812 demand level, Bitcoin price may fall to $7,440 level.
However, Bitcoin price still remains above the 21 periods EMA and 50 periods EMA as a bullish sign. The Stochastic Oscillator period 14 is above 80 levels and the signal lines bending down which indicates sell signal.
BTC/USD Short-term Trend: Bearish
BTC/USD is bearish in the short-term outlook. The last week Bullish momentum eventually pushed Bitcoin price to reach a high of $8,233 price level. Yesterday’s market ended with a doji star candle at the resistance level of $8,233. A strong bearish candle opened the Bitcoin market today that returned the Bitcoin price to the demand level of $7,812.
The coin is currently ranging at the level. It seems the price has formed an ascending channel on the 1- Hour chart. The stochastic Oscillator period 14 is above 25 levels with the signal lines pointing down to connote sell signal.
Bitcoin Price Analysis: BTC/USD May Break Down $7,812 and Target $7,440 Level
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