BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,500, $3,300, $3,100
The BTCUSD pair was in a bearish trend as price broke the 12-day EMA and the 26-day EMA to the downside. The crypto’s price fell to the low of $3,730.40 and it is trading below the EMAs which is the bearish trend zone. The price of Bitcoin is now ranging above the $3,700 price level.
However, if the bears break below the $3,700 price level, the crypto will find support at the $3,400 and $3,200 price levels. Meanwhile, the Stochastic indicator is out from the overbought region but below the 60% range. This indicates that the price of Bitcoin is in a bearish momentum and a sell signal.
BTCUSD Short-term Trend: Bearish
On the 4-hour chart, the crypto’s price is in a bearish trend. On December 27, the BTC price fell to the low of $3,730.40 and commenced a range bound movement above that price level. In this time frame, the stochastic indicator is in the oversold region but below the 20 % range. In this case, Bitcoin is in a strong bearish momentum and a sell signal.
Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.
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