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BTC/USD Medium-term Trend: Bearish
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,600, $3,500, $3, 400
Yesterday, January 10, the price of Bitcoin was in the bullish trend zone. The BTC price fell yesterday because the price of Bitcoin failed to break the $4,200 price level. In addition, the bears broke below the 12-day EMA , the 26-day EMA and the crypto is now in the bearish trend zone.
The crypto is likely to fall again because the price is below the 12-day EMA and the 26-day EMA. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the stochastic indicator is in the oversold region below the 20% range which indicates that the price of Bitcoin is in a strong bearish momentum and a sell signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. The price fall was in two stages: in the first stage the bears broke the 12-day EMA and the 26-day EMA to the low of $3,900 price level. In the second stage, the crypto fell to the $3,700 price level. The crypto is now in a range bound movement above the $3,700 price level.
The crypto is likely to fall because the price is below the EMAs. Also, the stochastic is below the 20% region which indicates that the BTC price 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.