2019-1-22 09:35 |
Yesterday, January 21, the price of Bitcoin was in the bearish trend zone. In the last 24 hours, the crypto’s price had been fluctuating above the $3,500 price level. The crypto’s price is characterized by small body candlesticks like the Doji and the Spinning tops which described the indecision of buyers and sellers at the $3,500 price level.
From the price action, the crypto’s price is likely to fall. If it does fall, the price of Bitcoin will revisit the previous low of $3,200 price level. On the other hand, if the level is holding, traders should initiate long trades in anticipation of a bullish trend. Meanwhile, the stochastic is out of the oversold region but above the 60% 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: RangingOn the 1-hour chart, the BTC price was in the bearish trend zone. The crypto’s price is ranging above the $3,500 price level as the buyers and the sellers were undecided about which way the price would go. The 12-day EMA and the 26-day EMA are resisting the candlesticks price movement. Meanwhile. the stochastic is in the oversold region but above the 20% range which indicates that Bitcoin is in a 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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