Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Trading View

BTCUSD Medium-term Trend: Bearish

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

The overall view of the price of Bitcoin is bearish. From the chart, the BTC price is in the bearish trend zone. A bearish trend line has been drawn showing the resistance levels where traders can initiate short trades. The candlestick’s wicks tested the bearish trend line on January 19, 26 and February 2. Incidentally, these are the resistance levels where traders can initiate short trades.

In the meantime, the bearish trend is ongoing because the bearish trend line is not broken. And we are expecting another resistance level after the February 2 price action. Today, the price is Bitcoin is falling and trading at $3487.40 as at the time of writing. From the trend line, the BTC price is likely to fall to the lows of $3,000 and $3,200.

On the upside, the crypto can rise if the bulls break the trend line and the following candlestick closed on the opposite of it.

BTC/USD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Trading View

On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. Last week the BTC price was in the bullish trend on the 1-hour chart. On February 2, the crypto’s price reached the high of $3,581 but the price was resisted and the bears broke the 12-day EMA, the 26-day EMA and price fell to the bearish trend line.

Today, a bearish candlestick has been resisted as the price is approaching the previous low. The MACD line and the signal lines are below zero line which indicates a sell signal.

 

 

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