Yesterday, January 17, the price of Bitcoin was in the bullish trend zone. The bulls were in control as they broke the 12-day EMA , the 26-day EMA and reached the bullish trend zone. Yesterday, the crypto’s price reached the $3,725 price level and commenced a range bound movement. In the previous scenario, on January 14, the crypto reached the $3,700 price level and was resisted and the price fell to the bearish trend zone.

Today, the BTC price is retracing and it is likely to fall again to the bearish trend zone. However, if the bulls sustain a price above the EMA, the BTC price will rise. Meanwhile, the stochastic is out of the oversold region below the 50% range which indicates that Bitcoin is in a bullish momentum and a buy signal.

On the 1-hour chart, the price of Bitcoin is in a bullish trend zone. On January 17, the bulls broke the 12-day EMA and the 26-day EMA and reached the bullish trend zone. The crypto reached the $3,700 price level but was retracing to a range bound movement above the EMAs.

Meanwhile, the stochastic is out of  the overbought region but above the 20% range which indicates that Bitcoin is in bearish momentum and a sell  signal. 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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