Bitcoin (BTC) Daily Price Forecast – February 11

Spread the love
American Wholesalers H&M Distributors Now Accept Bitcoin, Other Top Digital Currencies

BTC/USD Medium-term Trend: Ranging

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

Last week, the BTC price was in the bearish trend zone trading at the $3,400 price level. On February 8, the BTC price was in the bullish trend zone as the bulls broke the 12-day EMA and the 26-day EMA. The crypto’s price reached a high of $3,800 and commenced a range bound movement. Today, the crypto’s price is trading at $3,684 as at the time of writing.

The crypto’s price retraced to the support of the 12-day EMA. The crypto’s price is ranging above the 12-day EMA. The BTC price is likely to rise because the price is above the EMAs and if the bulls break the $3,800 resistance level. On the other, if the bears break the EMAs, the crypto will fall. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price likely to rise.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in the bullish trend zone. The crypto’s price reached a high of $3,800 but retraced to a range bound movement. The crypto’ price is ranging below and above the EMAs at the $3,700 price level. The crypto’s price is likely to rise if the price is sustained above the EMAs and the resistance level is broken. Meanwhile, the BTC price is above the EMAs which indicate that price is likely to rise. The MACD line and the signal line are above the zero line which indicates a buy 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.