BTC/USD Medium-term Trend: Ranging
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,800, $3,700, $3, 600
Yesterday, January 1, the price of Bitcoin was in a bullish trend. From the daily chart, the BTC price is above the 12-day EMA and 26-day EMA which indicates that price is in a bullish trend zone. The 12-day EMA and the 26-day EMA are trending horizontally indicating a sideways trend.
From the price action, the crypto’s price had been fluctuating between the levels of $3,900 and the $4,000 in the last five days. There is the likelihood of a price breakout in a couple of days to come.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin was in a bullish trend. On January 1, the crypto’s price reached the $3,961.10 price level and it is currently retracing from the recent high. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
Meanwhile, the stochastic indicator is below the 80% range. This implies that Bitcoin is in a bearish momentum and a buy signal. The MACD line and the signal line are above the zero line which indicates a buy signal.
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