Yesterday, January 8, the price of Bitcoin was in a bullish trend. In the last 48 hours, the price of Bitcoin had been ranging above the $4,100 price level. The bulls have succeeded to hold price above the 12-day EMA and the 26-day EMA. All the retraced candlesticks are well supported above the 12-day EMA. The crypto is currently facing resistance at the $4,200 price level.

If the bulls break the $4,200 price level, Bitcoin will reach the high of $4,500. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the stochastic indicator is below the 40% range which indicates that the price of Bitcoin is in a bearish momentum and a sell signal.

On the 1-hour chart, the price of Bitcoin is in a bullish trend zone. On January 8, the BTC price was resisted as the crypto fell and broke below the 12-day EMA and the 26-day EMA. A large bullish candlestick has broken above the EMAs.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the stochastic bands are in the overbought  region below the 80% region which indicates that BTC price 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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