BTC/USD Medium-term Trend: Bullish
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,900, $3,800, $3, 700
Yesterday, January 9, the price of Bitcoin was in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA indicating that price of Bitcoin is likely to rise. The BTC price is still above the $4,100 price level because the bulls have sustained hold above the EMAs. At the same time, the 12-day EMA and the 26-day EMA provides support for the crypto.
On the upside, if the bulls continue their hold above the EMA and the $4,200 price level is broken, Bitcoin will reach the $ 4,500 price level. On the downside, if the bears break the EMAs, the BTC price will fall. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the stochastic indicator is above the 40% range which indicates that the price of Bitcoin is in a bullish momentum and a buy signal.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin is in a bullish trend zone. The bears broke the 12-day EMA and the 26-day EMA but price pulled back above the EMA. The BTC price is now in the bullish trend zone as the price is expected to rise. Also, the stochastic is above the 80% region which indicates that the BTC price is in a bullish momentum and a buy signal.
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