Bitcoin [BTC] price logs high at $730x as the price looked bullish on Saturday. However, it fails to break above swing highs at $7470, and as the move is reversing now, a lower high will be bearish.
The price is looking to find support from the 50-Day EMA (Exponential Moving Average) on a daily scale at $7156.
On the four-hour chart, the golden cross between the 50 and the 200-period moving average is bullish. If the price continues to hold the above the $6950-$7000 range, short term view will is likely to remain bullish. If it breaks below the swing low, a lower high with a lower low will begin a bearish market structure in the short term.
The price of Bitcoin 15: 30 hours UTC on 19th April 2020 is $7,111.
The CMF and MACD on the daily scale are bullish, however, are still bearish on the weekly scale. The RSI on the weekly and daily scale is neutral, leaning slightly towards the oversold region.
Moreover, the oscillators (CMF and RSI) on the 4-hour chart is bullish. The MACD on the 4-hour chart is at the confluence of a bearish reversal.
When the market crashed on 12-13th March, it broke below the long-term bullish trend line from the last 4 years. Moreover, the price is back into the bearish channel it began in the second half of 2019.
The price needs to find support above the bearish trendline and break above 200-Day Moving Average at $8000 to maintain it’s bullish outlook technically.
The support from the 200-Week moving average is at $5670.
Do you think the price will be able to hold the short-term bullish support or bears will takeover? Please share your analysis with us.