BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,900, $3,800, $3,700
Last week the price of Bitcoin was in a bullish trend. On December 17, the BTC price was making a series of higher highs and higher lows until the price reached the high of $4,250 price level. Then price retraced to the low above $4,000 and commenced a range bound movement. Today, the crypto is fluctuating above the $4,000 price level.
The BTC price is presently above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. However, if price breaks below the $4,000 price level, the crypto is likely to fall to the low of $3,800 price level. On the upside, the price may rise but will face resistance at the $4,200 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The Stochastic indicator is approaching the 80% range which indicates that the BTC price has a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin was in a bullish trend. Last week, the Bitcoin price was fluctuating below and above the 12-day EMA and the 26-day EMA. Today, the crypto’s price is above the EMAs and price is likely to rise. On the 1-hour chart, the Stochastic indicator is in the overbought region which indicates that the BTC price is in a strong bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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