2019-1-21 09:18 |
Last week the price of Bitcoin was in the bearish trend zone. The bears had an upper hand in the direction of the BTC price. On January 19, the bulls reached the $3,707 price level, but the bears made a pulled back to the EMAs. On January 20, the bears broke the 12-day EMA, the 26-day EMA and price fell to the $3,500 price level.
In the previous analysis, it was assumed that if the crypto’s price broke the $3,500 price level, the crypto would fall to the low of $3,200 . The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.
Nevertheless, the bears were resisted at the $3,500 price level, as the crypto made a range bound movement. Meanwhile, the stochastic is in the oversold region but above the 20% range which indicates that Bitcoin is in a strong bearish momentum and a sell signal. The MACD line and the signal line are below the zero line which indicates a sell signal.
BTC/USD Short-term Trend: BearishOn the 1-hour chart, the BTC price was in the bearish trend zone. The BTC price tested the upper level and the lower level of price range without breaking them. The BTC price is expected to rise at the support level. Therefore, traders are expected to initiate long trades in anticipation of a bullish trend. Meanwhile. the stochastic is out of the oversold region but above the 20% range which indicates that Bitcoin is in a bullish momentum and 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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