Yesterday, January 3, the price of Bitcoin was in a bearish trend. The bears has broken below the 12-day EMA and the 26-day EMA to the low of $3,915.88. The price of Bitcoin is trading below the $3, 900 price level and there is the tendency for the crypto to further depreciate. However, if the crypto’s price breaks below the $3,900 price level, the crypto will fall to the next support level.

Meanwhile, the stochastic indicator is out of the oversold region but above the 20% range. This implies that Bitcoin is in a bullish momentum and a buy signal. Also, the MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. The bearish candlestick broke below the 12-day EMA and the 26-day EMA to the low of $3913.9 and commenced a range bound movement.

The crypto’s price is ranging below the 12-day EMA and the 26-day EMA for a possible price breakout. If price breaks below the $3,900 price level, the crypto will find support at $3,800. If price breaks above the $3,900, the 12-day EMA and the 26-day EMA, the crypto will be in the bullish trend zone.

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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