BTC/USD Medium-term Trend: Ranging
• Resistance Levels: $6,800, $6,900, $7,000
• Support levels: $3,400, $3,300, $3, 200
Yesterday, February 4, the price of Bitcoin was in the bearish trend zone. Yesterday, the bullish movements were resisted by the 12-day EMA. In the last 24 hours, the price action has remained the same. The crypto is below the 12-day EMA, the 26-day EMA and it was trading at the $3,400 price level. The BTC price is still fluctuating above the $3,400 price level.
On the downside, the crypto’s price is below the EMAs which indicates that price will fall and revisit the lows of either $3000 or $3,200 price level. On the upside, the BTC price has to break the EMAs and price sustained above it. The MACD line and the signal line are below the zero line which indicates a sell signal.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in the bearish trend zone. Yesterday, the BTC price made a bullish movement and the bulls broke the EMAs to the bullish trend zone. However, the bulls could not sustain a price above the EMAs, as the bears brought price to the bearish trend zone.
Today, the bulls are attempting to break the 12-day EMA but the price is still ranging. Meanwhile, the BTC price is below the EMAs which indicate that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell signal.
Source: bitcoinexchangeguide.com