2018-12-18 09:21 |
Yesterday, December 17, the price of Bitcoin was in a bullish trend. The crypto’s price broke the 12-day EMA, the 26-day EMA and reached the high of $3,569.40. The BTC price was ranging at the $3,300 price level before the price breakout. From the 4-chart, the price of Bitcoin is out of the bearish trend zone.
Nevertheless, the BTC price is retracing after facing resistance at the $3,600 price level. The bulls have to hold on to price above the exponential moving averages for the bullish trend to continue. However, if price breaks below the 12-day EMA and the 26-day EMA ,the crypto will resume its downtrend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
BTC/USD Short-term Trend: BullishOn the 1-hour chart, the price of Bitcoin was in a bullish trend. The crypto’s price was ranging above the 12-day EMA and the 26-day EMA or the $3,300 price level before the bullish breakout. The 12-day EMA and the 26-day EMA are pointing northward indicating the bullish trend. If the crypto’s price holds above the EMAs, traders should initiate long trade. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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