BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,400, $3,300, $3, 200
Yesterday, January 31, the price of Bitcoin was in the bullish trend zone. The bulls reached the high of $3,553.40 and was resisted at the $3,600 resistance zone. The crypto fell and the bears broke below the 12-day EMA and the 26-day EMA. The price of Bitcoin is now trading at $3.477.70 in the bearish trend zone. Since the BTC price is below the EMAs, the crypto’s price may likely fall.
On the downside, if the bearish trend continues, the crypto will fall and find support at the previous lows of $3,200 or $3,000. Meanwhile, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. Also, the stochastic is out of the overbought region but below the 60% range which indicates that the price of Bitcoin is in a bearish momentum and a sell signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in the bearish trend zone. Yesterday, the price of Bitcoin was in a bullish trend as the crypto’s price was making a series of higher highs and higher lows. However, the bullish trend was terminated as a result of the resistance at the $3,561.90 price level.
The BTC price is falling and approaching the low of $3,400 price level. Meanwhile, the BTC price is below the EMAs which indicate that price is likely to fall. The MACD line and the signal line are below the zero line which indicates 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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