Last week the price of Bitcoin was in a bearish trend. On December 3, the 12-day EMA resisted the crypto's price and it fell to the low of $3,273.99 and price made a pullback which was resisted by the 12-day EMA. The crypto's price was ranging below the 12-day EMA before reaching the bullish trend zone after it had broken the 26-day EMA.

On December 9, the crypto's price broke the 12-day EMA and the 26-day EMA upwards indicating that price is in the bullish trend. If the bullish trend is sustained above the EMAs, the crypto is likely to rise . Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

On the 1-hour chart, the price of Bitcoin is in a bearish trend. On December 9, the crypto ‘s price pulled back from its fall and commenced a range bound movement above the 12-day EMA and the 26-day EMA. The EMAs provide support for the price of Bitcoin which resulted in the bullish trend that reached the high of $3,733.88. Price of Bitcoin is now ranging above the $3,700 price level but it is falling. Meanwhile, crypto's s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.

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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