2019-2-6 09:19 |
Yesterday, February 5, the price of Bitcoin was in the bearish trend zone. From the 4-hour chart, the BTC price fell to its low at $3,477.40 and commenced a bullish movement to break the 12-day EMA and the 26-day EMA. While in the bullish trend zone the crypto's price tested the trend line and bounced back. Today, the crypto's price has fallen to the low of $3,452.20 and Bitcoin likely to continue its fall.
The reason for the price fa that the bearish trend line has not been broken. Therefore, traders should initiate short trades. On the downside, once the $3,400 price level is broken, the crypto will revisit the lows of $3000 and $3,200. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The BTC price is below the 12-day EMA and the 26-day EMA which indicates that price likely to fall.
BTC/USD Short-term Trend: BearishOn the 1-hour chart, the BTC price is in the bearish trend zone. Yesterday, the crypto commenced a bullish movement that broke the 12-day EMA and the 26-day EMA to reach the bullish trend zone. The BTC price began a range bound movement above the EMAs.
The 12-day EMA and the 26-day EMA were trending horizontally . Meanwhile, the crypto's price was resisted at $3,521, and it fell to the low of $3,452. Also, the BTC price is below the EMAs which indicate that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell 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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