The BTCUSD pair was in the bullish trend zone yesterday. Since January 22, the price of Bitcoin has been trading in the bullish trend zone and it is above the $3,600 price level. However, in the last four days, the bulls have not been able to break above the $3,600 price level. The $3,600 price level was the previous support level of January 17, 2019.
On January 17, the bulls took the price to the high of $3,882 but there was a pullback. Today, if the bulls break the $3,600, the crypto will reach the $3,800 price level. On the downside, the crypto will continue its range bound movement if resisted again. Meanwhile, the stochastic is out of the overbought region but below the 60% range which indicates a sell signal.
On the 1-hour chart, the price of Bitcoin is in the bearish trend zone. The crypto is trading in a tight range between the levels of $3,560 and $3,656. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. As we wait for a possible price breakout or breakdown, a price breakdown at the $3,500 will lead to the resumption of the downtrend.
If that happens, the crypto will find support at either $3,200 or $3,000 price level.
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