Further declination of Bitcoin price depends on the Bears’ pressure as a new daily bearish candle is emerging and this may push the coin to bottom at the demand level of $3,247.
Key Highlights:
- Slow bearish momentum in Bitcoin market;
- the Bears hold tight to the BTC market;
- further price declination is anticipated in the BTC market.
BTC/USD Long-term Trend: Bearish
Resistance levels: $3,679, $4,237, $4,692
Support levels: $3,247, $2,765, $1,95
The bears continue dominating the BTC market but at a slow momentum. A daily bearish candle formed on January 28 pushed the coin slightly down below the upper week consolidation level but unable to reach the previous low of $3,247 support level and shortly after that, the coin commenced another phase of consolidation.
The two EMAs were steadily sloppy down on the daily chart following the trend and Bitcoin price remains under the 21-day EMA and 50-day EMA as a bearish trend indication. The Stochastic Oscillator period 14 is above 20 levels with the signal lines pointing to the south connotes sell signal. Further declination of Bitcoin price depends on the Bears’ pressure as a new daily bearish candle is emerging and this may push the coin to bottom at the demand level of $3,247. Traders may place buy limit order at $3,247 price level as this mark may serve as a turning point for the BTC price.
BTCUSD Medium-term Trend: Bearish
The Stochastic Oscillator period 14 is at 20 levels with its signal line pointing down connotes sell signal. In addition, Bitcoin price is still trading below the two EMAs indicates that the BTC may range downward towards $3,247 price level.
next