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BTC/USD Medium-term Trend: Bearish
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,500, $3,400, $3, 300
Yesterday, January 15, the price of Bitcoin was in the bearish trend zone. The crypto’s price fell to the bearish trend zone after the resistance at the $3,800 price level. The BTC price is now below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Today, if the crypto falls, it will revisit the previous low of $3,500.
And if the $3,500 price level is broken, the crypto is likely to find support at the $3,200 price level. Meanwhile, the stochastic is out of the overbought region but above the 20% range which indicates that Bitcoin is in a bullish momentum and a buy signal. The MACD line and the signal line are below the zero line which indicates a sell signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. Yesterday, the BTC price fell to the $3,600 price level and it commenced a bullish movement to the 12-day EMA and the 26-day EMA.
The crypto’s price is likely to fall since it is below the 12-day EMA and the 26-day EMA. Meanwhile, the stochastic is at the overbought region but below the 80% range which indicates that Bitcoin is in bearish momentum and a sell 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.