The Bitcoin value prediction consolidates beneath the $40,000 barrier and could also be doing this for one more bullish motion to the $42,000 degree.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD touches the every day excessive of $39,846 earlier than heading to the draw back to create a brand new low. At the second, the Bitcoin value might proceed to face down with 0.06% within the worth. It is possible to retain this bearish vibe within the close to time period because the technical indicator Relative Strength Index (14) can also cross beneath 40-level. At the time of writing, the worth of Bitcoin is hovering at $39,440.
Bitcoin Price Prediction: Could BTC Price Push Higher Again?
According to the every day chart, the closest assist at $39,000 could also be examined to the draw back as the worth consolidates, and failure of the famous assist might see the Bitcoin value crossing beneath the decrease boundary of the channel. More so, beneath this barrier is possible to decelerate the correction and will function a jumping-off floor for one more restoration try; subsequently, if it is out of the best way, the assist degree of $36,000, $34,000, and $32,000 might come into play.
In the meantime, the Bitcoin value might get better from the latest low of $39,360 however the resistance at $39,500 nonetheless stands in the best way of actions to $40,000. More so, BTC/USD is nonetheless preventing to appropriate the delicate bearish motion, and the bullish development coupled with the suitable quantity and excessive volatility degree is the suitable ingredient for the restoration to $42,000 in different to resume its upward motion in the direction of $43,000, $45,000, and $47,000 resistance ranges.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking on the 4-Hour chart, BTC/USD is at the moment buying and selling above the 9-day transferring common, and it might cross above the 21-day transferring common to proceed the bullish motion. The Bitcoin value is hovering round $39,867 and will take time to persistently commerce above the resistance degree of $40,000. In addition, the upward motion might possible contact the resistance degree of $42,000 and above if the bulls push larger once more.
Meanwhile, on the draw back, the worth might fall beneath the 9-day transferring common if the bears resume again into the market; subsequently, an additional motion might hit the important assist on the $38,000 degree and beneath. Moreover, the Relative Strength Index (14) strikes to cross above 50-level, indicating a bullish motion.
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