BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,700, $3,600, $3,500
Yesterday, December 24, the price of Bitcoin was in a bullish trend. The crypto’s price was fluctuating above the $4,000 price level and also above the 12-day EMA. The BTC price could not go beyond the $4,200 price level because of the resistance at that level. Today, the BTC price broke 26-day EMA as price fell to the bearish trend zone.
On the upside, the BTC price is expected at $4,500 if the bulls break the $4,200 and $4,400 price levels. However, if price breaks below the $4,000 price level, the crypto will fall to the low of $3,800. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. The crypto’s price fell after an unsuccessful attempt to break the resistance at $4,200. The crypto’s price also broke the 12-day EMA and the 26-day EMA to the downside, as price fell into bearish trend zone. Meanwhile the Stochastic indicator is in the oversold region below the 20% range which indicates that Bitcoin is in the bearish trend and a sell 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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