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BTC/USD Long-term Trend: Bearish

  • Resistance levels: $7,200, $7,400, $7,600
  • Support levels: $3,600, $3,400, $3,200

The price of Bitcoin had been ranging above the $4,100 price level in the last ten days. On January 10, the bears broke the range bound movement on the lower timeframe, thereby breaking the 12-day EMA and the 26-day EMA to the low of $3,700. The BTC price has depreciated from the opening balance of $3,862.60 in the month of January 2019. From the weekly chart or daily chart, the price of Bitcoin is in the bearish trend zone.

In the other words, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that Bitcoin is likely to fall. However, if the bearish trend continues, the BTC price will find support at the previous lows of $3,200 or $3,600.

Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the price of Bitcoin is in a bullish momentum and a buy signal. Also, the MACD line and the signal line are below the zero line which indicates 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.

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