BTC/USD
Medium-term Trend: Bearish
·
Resistance Levels: $6,800, $6,900, $7,000
·
Support levels: $3,300, $3,200, $3,100
Yesterday, December 11, the
price of Bitcoin was in a bearish trend. In the last 48 hours, the price of
Bitcoin had been in the bearish trend zone.
The crypto's price had been
fluctuating above the $3,400 price level. It was suggested that if the bears
broke the $3,400 price level, the crypto will resume the downtrend and price is
expected to test the $3,000 price level.
Today, the crypto's price is
below the EMAs and price is fluctuating above the $3,400 price level.
Meanwhile, the MACD line and the signal line are below the zero line which
indicates a sell signal. Also, the BTC price is below the 12-day EMA and the
26-day EMA which indicates that price is likely to fall.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the
price of Bitcoin is in a bearish trend. In the bearish trend of yesterday, the
crypto’s price fell to the low of $3,413.3 and commenced a bullish movement on
the upside. The bulls broke the 12-day EMA but were resisted by the 26-day EMA
and price fell back to the bearish trend zone.
Meanwhile, the price of
Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price
is likely to fall. The Relative Strength Index period 14 is level 37 which
indicates that price is nearing the oversold region.
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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