Bitcoin (BTC) Daily Price Forecast – January 11

BTC/USD Medium-term Trend: Bearish

  • Resistance Levels: $6,800, $6,900, $7,000
  • Support levels: $3,600, $3,500, $3, 400

Yesterday, January 10, the price of Bitcoin was in the bullish trend zone. The BTC price fell yesterday because the price of Bitcoin failed to break the $4,200 price level. In addition, the bears broke below the 12-day EMA , the 26-day EMA  and the crypto is now in the bearish trend zone.

The crypto is likely to fall again because the price is below the 12-day EMA and the 26-day EMA. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the stochastic indicator is in the oversold region below the 20% range which indicates that the price of Bitcoin is in a strong bearish momentum and a sell signal.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend zone. The price fall was in two stages: in the first stage the bears broke the 12-day EMA and the 26-day EMA to the low of $3,900 price level. In the second stage, the crypto fell to the $3,700 price level. The crypto is now in a range bound movement above the $3,700 price level.

The crypto is likely to fall because the price is below the EMAs. Also, the stochastic is below the 20% region which indicates that the BTC price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of Biedex.com and do not constitute financial advice. Always do your own research

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