BTCUSD Medium-term Trend: Ranging
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,500, $3,300, $3,100
The BTCUSD pair was in the bullish trend zone yesterday. Since January 22, the price of Bitcoin has been trading in the bullish trend zone and it is above the $3,600 price level. However, in the last four days, the bulls have not been able to break above the $3,600 price level. The $3,600 price level was the previous support level of January 17, 2019.
On January 17, the bulls took the price to the high of $3,882 but there was a pullback. Today, if the bulls break the $3,600, the crypto will reach the $3,800 price level. On the downside, the crypto will continue its range bound movement if resisted again. Meanwhile, the stochastic is out of the overbought region but below the 60% range which indicates a sell signal.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in the bearish trend zone. The crypto is trading in a tight range between the levels of $3,560 and $3,656. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. As we wait for a possible price breakout or breakdown, a price breakdown at the $3,500 will lead to the resumption of the downtrend.
If that happens, the crypto will find support at either $3,200 or $3,000 price level.
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