Yesterday, January 22, the price of Bitcoin was in the bullish trend zone. The bulls succeeded in holding the $3,500 price level as the bulls broke the 12-day EMA , the 26-day EMA and reached the bullish trend. As earlier suggested, traders should initiate long trades in anticipation of a bullish trend, if the $3,500 price level was holding.

Today, the BTC price is in the bullish trend zone, the crypto is expected to reach the $3,800 price level and break it. On the downside, if the price is resisted, the Bitcoin will continue its range bound movement between the levels of $3,500 and the $3,800.Meanwhile, the stochastic is in the overbought region but above the 80% range which indicates that Bitcoin is in a strong bullish momentum and a buy signal.

On the 1-hour chart, the BTC price was in the bullish trend zone. The bears failed to break the $3,500 price level to reach the previous low as the bulls defended the $3,500 support level. The bulls have broken the 12-day EMA, the 26-day EMA to commenced a bullish movement above it.

The 12-day EMA and the 26-day EMA are trending upward. Meanwhile, the stochastic is out of the overbought region but below the 60% 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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