BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,500, $3,400, $3, 300
Yesterday, January 29, the price of Bitcoin was in the bearish trend zone. In the bearish trend, the crypto fell to the low of $3,430.10 and commenced a bullish movement to the EMAs. The BTC price reached the 12-day EMA and was resisted. On the upside, the bulls will have to break above the 12-day EMA, the 26-day EMA and the price sustained above the EMAs before the resumption of the bullish trend.
On the downside, the price is still being expected to fall because the BTC price is below the EMAs. It was earlier suggested that price would fall to the lows of $3,200 or $3,000 if the $3,500 price level was broken. Meanwhile, the BTC 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: Bullish
On the 1-hour chart, the BTC price is in the bullish trend zone. On January 29, the BTC price fell to its low at $3,430.10 and commenced a bullish movement to the 12-day EMA and the 26-day EMA. The bulls have broken the EMAs . On the upside, if the bulls break above the EMAs, the bearish trend is likely to be reversed.
On the other hand, if the BTC price is still below the EMAs the crypto will continue its fall. 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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