Bitcoin bull rally currently appears to have been slowed down with developing a sideway trend
Yet it always maintained a strong support levels along the bull rally and also assisted for a healthy bounce back amid the bearish trend
In the present scenario, the strong EMA levels are been tested and expected to rebound to initial positions
Usually, while carrying out a technical analysis of a cryptocurrency, EMA is always taken into consideration. Exponential Moving Average abbreviated as EMA, is the basic technical indicators used to determine the price movements. The average value during a certain period of time is considered.
Well, how worth paying attention to the EMA?
One of the popular analysts Rekt Capital believes, 50 day EMA is one of the strongest support levels since 2013. During the Bitcoin price bull run, these levels act as support levels in case of a deep, devastated crash.
In the present scenario, the BTC price is testing the 50-day EMA as a support. The price has not broken down the EMA levels yet and hence a decent bounce from here may head the price towards $45K.
Bitcoin Price Analysis
Bitcoin price in the past week maintained a sideway trend above the current one around $38,000 to $40,000. However, a deplete in the trend led the price trend to swing in between $33,000 to $37,000.
Despite a low-key monthly close, BTC price was successful in breaking above the levels, accumulating a decent amount of green candles. Moreover, the price sustained strongly after the jump and traded in & around these zones.
Currently, the matter of concern lies around the price needing to surge high to smash the initial targets at $40k. However, a downtrend from here may again drown in the previous levels, yet a good rebound may be on the cards.
- The resistance levels for BTC price are at $40,025
- The support levels are at $34,330
- The indicators point out towards a sell signal
- The bitcoin price at the press time is $37,000 with a jump of 0.49%