Bitcoin (BTC) Price Analysis – January 23

  • The bulls defended the $3,500 price level as the crypto rose to the $3,600 price level.
  • If the bears had broken the $3,500 price level, the crypto would have fallen to the low of $3,200.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,500, $3,300, $3,100 

Yesterday, the BTCUSD pair was in the bullish trend zone. On January 22, as the price of Bitcoin was trading, a bullish pinbar tested the $3,500 price level and the crypto rose up to the $3,600 price level. The BTC price is now in the bullish trend zone. If the crypto's price is above the 12-day EMA and  the 26-day EMA, the price of Bitcoin is expected to rise.

The bulls are expected to test or break the $3,800 price level. On the other hand, if the bears had broken the $3,500 price level, the crypto would have fallen to the low of $3,200 . Meanwhile, the MACD line and the signal line are below the zero line which indicate a sell signal.

BTC/USD Short-term Trend: Bearish  

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 1-hour chart, the price of Bitcoin is in the bullish trend zone. The crypto's price is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. On the other hand, a bearish candlestick is breaking the EMAs to the downside. If the price falls below the EMAs, the crypto's price will fall.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

 

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