BTCUSD Medium-term Trend: Bearish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,500, $3,300, $3,100
Last week, January 6, the bulls took the BTC price to the high of $4,218 but could not break the resistance at $4,200 which led to a price retracement. On January 10, the bears broke the 12-day EMA, the 26-day EMA and the price fell to the low of $3,712.80. The crypto's price is now below the EMAs which indicates that Bitcoin is likely to fall.
The crypto's price made another bearish movement and fell to the low of $3,591 . Nevertheless, the BTC price is now trading at the $3,600 price level, if the crypto 's price falls and breaks the $3,500 price level, the Bitcoin price will find support at the previous low of $3, 200 which was the December 14 low.
Meanwhile, the stochastic is in the oversold region but below the 20% range. This indicates that the BTC price is in a strong bearish momentum and a sell signal.
BTC/USD Short-term Trend: Bearish
On the 4-hour chart, the price of Bitcoin is in a bearish trend zone. On January 10, the bears broke the 12-day EMA and the 26-day EMA and the price fell to the low of $3,730.20. The crypto's price began a range bound movement at the $3,700 price level and was resisted by the 12-day EMA and price fell to the $3,583.10 price level.
Again. the crypto's price is making another bullish movement to the 12-day EMA and if resisted, then we may talk about the crypto's price reaching the previous low of $3,200 price level. Although, the stochastic is above the 20% region which indicates that the BTC price is in a bullish momentum and a buy signal.
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