Yesterday, February 6, the price of Bitcoin was in the bearish trend zone. The crypto's price was in a range bound movement above the $3,400 price level. Today, there has been no significant difference in price action in the last 24 hours. The bearish trend line has not been tested and the bearish trend is ongoing. Traders should wait for the price to test the trend line and to determine the position of the trend so as to initiate a trade.

After the range bound movement if price tests the trend line and bounces back, the bearish trend is ongoing. On the other hand, if price breaks the trend line and the following candlestick closes on the opposite of the trend line; then the trend is terminated. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The BTC price is below the 12-day EMA and the 26-day EMA which indicates that price likely to fall.

On the 1-hour chart, the BTC price is in the bearish trend zone. Yesterday, the bears broke the 12-day EMA, the 26-day EMA and price fell to the low of $3,445.90. Thereafter, the BTC price began a range bound movement above the $3.400 price level. The crypto's price is currently approaching the 26-day EMA after breaking the 12-day EMA and attempting to reach the bullish trend zone.

If the bulls break above the EMAs, the crypto's price will return to its $3,500 price level. On the other hand, if the bulls fail to break above the EMAs, then the downtrend will continue. Meanwhile, the BTC price is below the EMAs which indicate that price is likely to fall. 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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