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BTC/USD Medium-term Trend: Ranging
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,700, $3,600, $3,500
Yesterday, December 26, the price of Bitcoin was in a sideways trend. In the last 24 hours, there had been no significant price movement. The crypto’s price was at its low at $3,850.50 and the crypto was fluctuating at that price level. We are still expecting a price breakout as the price continued its range bound movement above the $3,800 price level.
Presently, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. On the downside, if price breaks below the $3,800 price level, the crypto’s price will fall to the lows of either $3,600 or $3,400 price level. On the upside, the crypto will revisit the previous highs of $4,000 and $4,200, if the bulls break above the $3,800 price level.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin was in a bearish trend. The crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. The Stochastic is out of the oversold region and it is above the 20% range which indicates that the BTC is in a bullish momentum and a buy 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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.