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BTC/USD Medium-term Trend: Bullish
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,900, $3,800, $3, 700
Yesterday, January 2, the price of Bitcoin was in a bullish trend. Yesterday, the BTC price broke the 12-day EMA and the 26-day EMA to the upside, as price broke the $4,000 price level. However, the BTC price is retracing from the recent high for a possible resumption of the bullish trend.
Meanwhile, the stochastic indicator is out of the overbought region below the 80% range. This implies that Bitcoin is in a bearish momentum and a sell signal. Also, the MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin is in a bullish trend. The BTC price is making a series of higher highs and higher lows. A trend line has been drawn to test the duration of the bullish trend. The crypto’s price was resisted at the $4,000 price level and the crypto commenced a retracement.
The retracement has broken the trend line and the following candlestick closed on the opposite of it. It is assumed that the bullish trend is terminated. A bullish trend is ongoing when the trend line is not broken. Meanwhile, the stochastic is out of the overbought region but above the 20% range. This indicates Bitcoin is in a bearish momentum.
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
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