Bitcoin Price Analysis: BTC/USD Price Ranging Within $8,879-$9,398 Levels, Awaiting a Breakout
Bitcoin price breakout at the resistance level of $9,398 by the Bulls will expose the $10,016 resistance level which may be its target. Should the Bears gain enough pressure and break down the support level of $8,879 the price may decline to $8,565 level.
Key Highlights:
BTC/USD Medium-term Trend: Ranging
Bitcoin price is trading above the 21 periods EMA and 50 periods EMA as a sign of a bullish trend. The Stochastic Oscillator period 14 is above 40 levels with the signal lines bending up to connotes buy signal. The price breakout at the resistance level of $9,398 by the Bulls will expose the $10,016 resistance level which may be its target. Should the Bears gain enough pressure and break down the support level of $8,879 the price may decline to $8,565 level.
BTC/USD Short-term Trend: Ranging
Bitcoin price is trading on and around the 21 periods EMA and 50 periods EMA, the two EMAs are interlocked to each other as a sign of consolidation in the Bitcoin market. The Stochastic Oscillator period 14 is at 80 levels with the signal line pointing up to indicate a buy signal.
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