Bitcoin (BTC) Daily Price Forecast – January 16

2019-1-16 09:03

BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,500, $3,400, $3, 300

Yesterday, January 15, the price of Bitcoin was in the bearish trend zone. The crypto’s price fell to the bearish trend zone after the resistance at the $3,800 price level. The BTC price is now below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Today, if the crypto falls, it will revisit the previous low of $3,500.

And if the $3,500 price level is broken, the crypto is likely to find support at the $3,200 price level. Meanwhile, the stochastic is out of the overbought region but above the 20% range which indicates that Bitcoin is in a bullish momentum and a buy signal. The MACD line and the signal line are below the zero line which indicates a sell signal.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. Yesterday, the BTC price fell to the $3,600 price level and it commenced a bullish movement to the 12-day EMA and the 26-day EMA.

The crypto’s price is likely to fall since it is below the 12-day EMA and the 26-day EMA. Meanwhile, the stochastic is at the overbought region but below the 80% range which indicates that Bitcoin is in bearish momentum and 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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