Bitcoin (BTC) Daily Price Forecast – January 31

BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,500, $3,400, $3, 300

Yesterday, January 30, the price of Bitcoin was in the bullish trend zone. On January 29, the  bulls broke the 12-day EMA, the 26-day EMA and reached the bullish trend zone. As the BTC price is above the EMAs, the crypto’s price is expected to rise. The BTC price will rise but may face resistance at the $3,600 price level.

Traders are expected to initiate long trades at the current market price. Meanwhile, the BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. Also, the stochastic is in the overbought region but above the 80% range which indicates that the price of Bitcoin is in a strong bullish momentum and a buy signal.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in the bullish trend zone. The price of Bitcoin is making a series of higher highs and higher lows in a bullish trend. A trend line is drawn to determine the duration of the trend. The trend line shows the support levels where traders can initiate long trades. Presently, the bullish trend is said to be ongoing because the trend line is unbroken.

However, a bullish trend is said to be terminated if the trend line is broken and the following candlestick closed on the opposite of it. The BTC price is trading at $3,353 as at the time of writing. Meanwhile, the BTC price is above the EMAs which indicate that price is likely to rise. The MACD line and the signal line are above the zero line which indicates a buy signal.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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