Bitcoin (BTC) Price Prediction – January 4
BTC/USD price is trading nicely above the $7,250 and the coin must climb above the $7,300 resistance to continue higher.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $7,600, $7,800, $8,000
Support Levels: $6,800, $6, 600, $6,400
Bitcoin bulls may slowly come back into action after a minor battering from the bears. If this happens, then the expectation of recovery could turn out to be true. Today, BTC/USD was seen trading at $7,290 after soaring to $7,405.19 yesterday. The coin then pulled back to where it is trading currently and may continue to head downwards if the bears step back into the market.
However, the market is deciding around $7,290 above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating for a clear breakout or breakdown. Meanwhile, the $7,400 and $7,500 levels may further surface as the key resistances should the $7,300 level holds. However, a strong bullish spike may take the price to $7,600, $7,800 and $8,000 levels.
Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $7,000 and should this support fails to contain the sell-off, traders may see a further roll back to $6,800, $6,600 and critically $6,400. The stochastic RSI suggests an upward movement for the coin.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading was looking bullish; following the recent rebound at $7,277.30 which is now a key support level. The next key support levels are $7,150, $7,050 and $6,900.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $7,400 resistance. A climb above the mentioned resistance may further push BTC price to $7,450, $7,550 and $7,650 resistance levels. As it appeared now, it seems the bears may likely return into the market as the RSI (14) is now revealed within the overbought zone and could resume the downward direction.
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