The Bitcoin price prediction shows that BTC falls below the moving averages, and it may likely cross below the channel.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $45,500, $47,500, $49,500
Support Levels: $34,500, $32,500, $30,500
The daily chart reveals that BTC/USD is moving downward within the mind of crossing below the lower boundary of the channel. The king coin fails to cross above the $9-day moving average; it may likely see a sharp drop towards the lower boundary of the channel. However, the first level of support may be located at $36,000. Beneath this, other supports lie at $34,500, $32,500, and $30,500.
Bitcoin Price Prediction: Bitcoin (BTC) May Head to the South
As the daily chart revealed, the Bitcoin price could not break above the resistance level at $41,000. Meanwhile, the coin may set up another few days of negative price beneath $39,000. A break above the previous level would have set Bitcoin up to retest the $42,000 level, but the technical indicator Relative Strength Index (14) shows that BTC is heading to the south as the signal line crosses below the 40-level.
Nevertheless, traders can see that the Bitcoin price slumps below the moving averages to gain more downtrends. However, the Bitcoin price touches the daily low of $39,573 but may cross below the channel to confirm the bearish movement. However, should in case Bitcoin moves to the upside, the upward movement could locate the resistance levels at $45,500, $47,500, and $49,500.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
The 4-hour chart shows that the Bitcoin bears are stepping back into the market, pushing the BTC price below its previous support level that existed around $40,000. Although the Bitcoin price has not yet slipped below $39,000, it’s still in the loop of making a bounce back.
However, BTC/USD is currently moving below the 9-day and 21-day moving averages. The upward movement may likely push the price nearest resistance at $42,000 and above while the immediate support lies at $38,000 and below. The technical indicator Relative Strength Index (14) is likely to move in the same direction, suggesting sideways movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
- How to buy Bitcoin
- How to buy Cryptocurrency
Powered by WPeMatico