BTCUSD Medium-term Trend: Bullish
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $3,400, $3,200, $3,000
The BTC price is now in the bullish trend zone. From the daily chart, the price of Bitcoin was in a bearish trend since January 10 when the bears broke the 12-day EMA and the 26-day EMA. On February 8, the bulls broke the 12-day EMA and the 26-day EMA as the price reached the bullish trend zone. It was technically assumed that the bullish trend might have begun in earnest.
The crypto’s price is ranging above the $3,600 price level after the price was resisted at the $3,800. On the upside, if the bulls sustain their hold above the EMAs and the $3,800 resistance level is broken, the crypto will reach the highs of $4,000 and $4,200. On the downside, if the bears break below the EMAs, the crypto will resume its downward trend.
Meanwhile, the stochastic band is at the overbought region but below the 80% range which indicates that the crypto is in a bearish momentum and a sell signal.
BTC/USD Short-term Trend: Ranging
On the 4-hour chart, the price of Bitcoin is in a bullish trend zone. On February 8, the crypto’s price was in a sideways trend after the resistance at the $3,700 price level. On February 11, the bulls were resisted at $3,750 price level. The crypto’s price has fallen to the support of the 26-day EMA.
Nevertheless, if the bears break the EMAs or the $3,600 price level, the crypto is likely to fall into the bearish trend zone. The stochastic indicator is out of the overbought region and below the 40% range which indicates that the price is in a bearish momentum and a sell signal.
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