BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,300, $3,200, $3,100
Yesterday, January 28, the price of Bitcoin was in the bearish trend zone. The BTC price was in a bearish trend breaking the $3,500 price level. It was earlier suggested that if the bears broke the $3,500 price level that could mean the continuation of the downward trend. It was also suggested that if the bears broke the $3,500 price level, the crypto might fall to the lows of $3,200 or $3,000.
Yesterday, the BTC price fell but to the low of $3,400 and it has since commenced a range bound movement. Today, the crypto’s price is trading at the price $3,489.40 in a range bound movement. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in the bearish trend zone. On January 27, the bears broke the 12-day EMA, the 26-day EMA and the BTC price fell to the low of $3490. The price of Bitcoin is now ranging at the $3,400 price level.
Today, a bearish candlestick was resisted by the 12-day EMA. 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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