The Bitcoin price prediction reveals that BTC is moving to the downside as its price moves to touch the low of $38,153.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is currently trading below the $38,500 level as the price moves to cross below the lower boundary of the channel. Meanwhile, the bearish movement could be coming to play out according to the technical indicator, which indicates that the king coin might likely drop a little bit before climbing above the 9-day and 21-day moving averages again.
Bitcoin Price Prediction: Would Bitcoin (BTC) Still Move Higher?
At the time of writing, the Bitcoin price is changing hands at $38,358, which marks a significant rally below the moving averages. However, where BTC trends next may depend on whether or not sellers can close today’s candle below the $38,500. Looking at the daily chart, traders may expect the king coin to fall below $36,000 support which could later move towards the critical support levels at $35,000, $33,000, and $31,000.
On the contrary, if the Bitcoin price failed to close below the $38,000 level; the price may cross above the 9-day and 21-day moving averages, and crossing above this barrier could send the price to the resistance levels of $43,000, $45,000, and $47,000. More so, the technical indicator Relative Strength Index (14) recently reveals a sign of trend reversal, which shows a possible bearish momentum in the market soon.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $38,359 below the 9-day and 21-day moving averages after touching the high of $38,619 as the Bitcoin price prepares to follow the downtrend.
On the contrary, if the buyers energize the market, they can easily push the market price above the moving averages which could push the king coin towards the resistance level of $40,000 and above. Meanwhile, the Relative Strength Index (14) is moving to cross below the 40-level and any further bearish movement to the south may bring the price to the support level of $37,000 and below.
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