Federal Reserve Says 2018 Bear Market Was Caused By CME's Bitcoin Futures Offering

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $4,000, $3,900, $3,800

Last week the price of BTC/USD pair was in a bearish trend. On November 27, the price of Bitcoin fell to its low at $3,772.94 but price pullback above the 12-day EMA and the 26-day EMA. On November 30, the bears broke the EMAs again but were fluctuating above the $4,000 price level. Today, the price of Bitcoin is below the EMAs. The digital currency is in the bearish trend zone and has the tendency to fall.

If the price had been sustained above the EMAs the digital currency would have risen. However, if price breaks the EMAs to the downside, the digital currency is likely to resume its downward trend. There will be no trade recommendation until the bearish market is over. Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are above the zero line which indicates a buy signal.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. At the short-term trend, the crypto's price is below 12-day EMA and the 26-day EMA indicating 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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