Coinspeaker
Bitcoin Price Analysis: BTC/USD Price Likely to Bounce at $6,121 Level
Key Highlights:
- The Bulls are may take over the Bitcoin market;
- the breakup at $6,121 level will expose $6,332resistance level;
- the Bitcoin price may bounce at $6,121 level.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $6,121, $6,232, $6,341
Support levels: $5,946, $5,840, $5,716
BTC/USD is bullish on the medium-term outlook. On May 06, the Bulls defended the $5,946 demand level and the Bitcoin price bounced, rallied towards $6,121 level, due to the strong strength of the Bulls, it penetrated the mentioned level and touched $6,332 level.
BTC price pulled back as a result of loss in momentum. The bears took over by the formation of Doji candles. $6,121 level was broken downside by the Bears’ pressure and the coin found support at dynamic support of 21-period EMA.
The Bitcoin price and the EMAs are still in touch consolidating on the 21 EMA. Bitcoin is trading on the 21 periods EMA and 50 periods EMA directly; this indicates that the Bulls are gradually losing their strength.
The bearish movement may continue and reach the demand level of $5,946 in case the Bears further exert more pressure. The bullish movement can continue only when the Bulls break up the $6,121 level. The Moving Average Convergence Divergence period 12 with its histogram is below zero levels and the signal lines bending down to connote sell signal.
BTC/USD Short-term Trend: Ranging
BTC/USD is ranging in the short-term outlook. A strong bearish candle emerged yesterday that broke down the two dynamic supports and resistances together with $6,121 level and the price dropped towards $5,946 but the Bears would not allow a further decrease in Bitcoin price.
The long bearish candle was pushed up to form a pin bar. Immediately after that, the coin started consolidating at $6,121 level.
However, the MACD period 12 is gradually turning up and the signal lines turning to the north to indicate the presence of the Bulls with high pressure.
Bitcoin Price Analysis: BTC/USD Price Likely to Bounce at $6,121 Level
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