Bitcoin (BTC) Long Term Price Forecast- January 26

BTC/USD Long-term Trend: Bearish

• Resistance levels: $7,200, $7,400, $7,600

• Support levels: $3,500, $3,300, $3,100

The BTC/USD pair is now in a bearish trend zone. On January 1, the price of Bitcoin has an opening balance of $3,832.60. The crypto appreciated in value as the bulls took price to the high of $4,218. On January 10, after price retracement, the bears broke the 12-day EMA, the 26-day EMA and price fell to the low of $3,712.80. The crypto fell into the bearish trend zone and became range bound between the levels of $3, 500 and $3,800.

The price of Bitcoin had been fluctuating between these levels and the levels are yet to be broken. Presently, the BTC price is trading at $3,626 as at the time of writing. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

By Azeez M – January 26, 2019

David – http://markethive.com/david-ogden