BTC/USD
Long-term Trend: Bearish
·
Resistance levels: $7,200, $7,400, $7,600
·
Support levels: $3,700, $3,600, $3,500
The BTC/USD pair is now in a
bearish trend zone. On December 14, the BTC price reached its low at the $3,200
price level. On December 24, the crypto traded and reached the high of $4,400
price level. The price of Bitcoin had been range bound between the levels of
$3,200 and $4,400 in the last one month. Presently, the crypto’s price is below
the 12-day EMA and the 26-day EMA which indicates that Bitcoin is likely to
fall. The BTC price is currently trading above the $3,700 price level.
Nevertheless,
if the bears break below the $3,500 price level, the crypto is likely to find
support at the $3,200 price level. On the upside, the bulls will first break
the 12-day EMA and the 26-day EMA to resume its uptrend movement. Meanwhile,
the stochastic is in the oversold region but above the 60% 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.
Source: https://bitcoinexchangeguide.com
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