Yesterday, February 7, the price of Bitcoin was in the bearish trend zone. In the last 48 hours, the market has been quiet and there seems to be no price movement. The trend line tool has not been tested and the bearish trend is ongoing. Except there is a price movement, a trader cannot initiate any trade.

The price of Bitcoin is still fluctuating above the $3,400 price level. Today, more additional small body candlesticks like Doji and spinning tops are forming. These candlesticks describe the indecision of buyers and sellers at the $3,400 price level. After the range bound movement if price tests the trend line and bounces back, the bearish trend is said to be on 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 bullish trend zone. Yesterday, the bears broke the EMAs 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 has broken the 12-day EMA, the 26-day MA and reached the bullish trend zone.

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

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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