Yesterday, December 13, the price of Bitcoin was in a bearish trend. We had earlier suggested that if price broke the $3,400 price level, the price of Bitcoin would resume its downtrend. The $3,400 price level has been broken and the price is approaching the previous low of $ 3,300. It is not clear if the downtrend would extend to the $3,000 price level.

There will be no trade recommendation until the bearish pressure is exhausted. 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.

On the 1-hour chart, the price of Bitcoin is in a bearish trend. The bearish candlestick broke the 12-day EMA and the 26-day the EMA and resumed the downtrend. The crypto's price fell to the low of $3,336.42 and commenced a bullish movement.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a buy 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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