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  • On the upside, if the  price is sustained above the EMAs, the bulls will break the $5,540 resistance level and reach the highs of $5,600 and $5,700 price levels.
  • If it does not, the crypto’s price will continue to trade in the bullish trend zone.

BTC/USD Medium-term Trend: Bullish

  • Resistance Levels: $6,800, $6,900, $7,000
  • Support levels: $5,100, $5,000, $4, 900

Last week the price of Bitcoin reached the highest price level of $5,690 in a bullish trend. The bulls were resisted as the price fell to the support of the 26-day EMA. In other words, the price fell to a low at $5,448.70. The bulls made a pulled back above the 12-day EMA and the 26-day EMA. On April 25, this brought a serious reaction from the bears as the price fell below the EMAs and to a low at $5,200 price level.

On April 28, the crypto’s price was back above the EMAs trading at the $5,540 price level. Today, the BTC is trading above the EMAs which indicate that price is likely to rise. On the upside, if the  price is sustained above the EMAs, the bulls will break the $5,540 resistance level and reach the highs of $5,600 and $5,700 . Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is now in a bullish trend zone. The crypto’s price is now facing another resistance at the $5,540 price level. The bulls had made two attempts to break it but failed. Today, April 29, the bulls are making the third attempt at the resistance level to break it. The bulls are likely to break the $5,540 resistance level.

If it does not, the crypto’s price will continue to trade in the bullish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

(Excerpt) Read more Here | 2019-04-29 06:36:00

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