BTC/USD Long-term Trend: Bearish
Resistance levels: $7,200, $7,400, $7,600
Support levels: $3,500, $3,300, $3,100
The BTC/USD pair is now in a bearish trend zone. On January 1, the price of Bitcoin has an opening balance of $3,832.60. The crypto appreciated in value as the bulls took price to the high of $4,218. On January 10, after price retracement, the bears broke the 12-day EMA, the 26-day EMA and price fell to the low of $3,712.80. The crypto fell into the bearish trend zone and became range bound between the levels of $3, 500 and $3,800.
The price of Bitcoin had been fluctuating between these levels and the levels are yet to be broken. Presently, the BTC price is trading at $3,626 as at the time of writing. 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 likely to fall.
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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