BTCUSD Medium-term Trend: Bullish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,500, $3,300, $3,100
Last week, on February 4, the BTC price was in the bearish trend zone. The crypto’s price was trading above the $3,400 price level and below the 12-day EMA and the 26-day EMA. On February 8, the bulls broke the EMAs and the bearish trend line that was previously drawn. The crypto’s price is now in the bullish trend zone.
The crypto’s price reached a high of $3,800 but was resisted to a range bound movement. The BTC price now ranges above the $3,600 price level. On the upside, if the crypto’s price is sustained above the EMAs, the bulls will retest or break the $3,800 resistance level. On the downside, if the bears break below the EMAs, the crypto will resume its downward trend.
Meanwhile, the stochastic band is approaching the overbought region but below the 80% range which indicates that the crypto is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Ranging
On the 4-hour chart, the price of Bitcoin is in a bearish trend zone. On February 8, the bulls broke the EMAs, as price reached the $3,736.90 price level. The crypto’s price was making a series of higher highs and higher lows which was resisted at the $3,800 price level. The bullish trend was short lived as the crypto’s price was in a sideways trend.
The crypto’s price is now ranging above the 12-day EMA. If the bears break below the 12-day EMA and the 26-day EMA, the crypto will be in the bearish trend zone.The stochastic band is out of the overbought region and below the 40% range which indicates that price is in a bearish momentum and a sell signal.
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