2019-2-9 07:30 |
BTC/USD Long-term Trend: Bullish Resistance levels: $7,200, $7,400, $7,600 Support levels: $3,600, $3,400, $3,200
In the first week of February, the BTC/USD pair was in the bearish trend zone. Price of Bitcoin has an opening balance of $3,534.80. On January 10, the BTC price had been in the bearish trend zone when price fell to a low of $3,687.20. The cryptocurrency had been trading between the levels of $3,400 and $3,600 since January 10.
There was a suggestion that if the bears had broken the $3,400 price level, the crypto would have fallen to the previous lows of $3,000 and $3,200. Today, February 8, at the low of $3,438.20,the BTC price commenced a bullish movement. The bulls broke the 12-day EMA, the 26-day EMA to reach the bullish trend zone. The crypto's price is above the EMAs, and as such price is likely to rise if the bullish trend is sustained above the EMAs.
The BTC price is trading at $3,733.60 as at the time of writing. The crypto's price is expected to reach the highs of $4,000 and $4,200 price levels. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
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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