BTC/USD Long-term Trend: Bearish
• Resistance levels: $7,200, $7,400, $7,600
• Support levels: $3,700, $3,600, $3,500
The BTC/USD pair is now in a bearish trend zone. On December 14, the BTC price reached its low at the $3,200 price level. On December 24, the crypto traded and reached the high of $4,400 price level. The price of Bitcoin had been range bound between the levels of $3,200 and $4,400 in the last one month. Presently, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that Bitcoin is likely to fall. The BTC price is currently trading above the $3,700 price level.
Nevertheless, if the bears break below the $3,500 price level, the crypto is likely to find support at the $3,200 price level. On the upside, the bulls will first break the 12-day EMA and the 26-day EMA to resume its uptrend movement. Meanwhile, the stochastic is in the oversold region but above the 60% range. This indicates that the price of Bitcoin is in a bullish momentum and a buy signal. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.
Source: bitcoinexchangeguide.com