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)
Key levels:
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.
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