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Bitcoin Price Prediction: BTC/USD Consolidates Above $8,500, Targets $8,200 and $7,800 Lows

Bitcoin (BTC) Price Prediction – February 29

For the past three days, the bulls and bears tussled for the price above $8,500. The bulls are trying to push the price above $9,000. Sellers, on the other hand, are waiting to repel such a move. The bulls’ failure  may attract selling and BTC/USD will fall to the low of $8,200 or $7,800.
BTC/USD Long-term Trend: Bearish (Daily Chart)

Key Levels:
Resistance Levels: $10,000, $11,000, $12000
Support Levels: $7000, $6000, $5000

BTC/USD – Daily Chart

Following the recent consolidation above the $8,500, analysts will expect the downtrend to resume. The downtrend resumption will compel the price to reach the lows of $8,200 or $7,800. Conversely, in the previous price action, the price went up after consolidation at the same price level.

The previous price action in January was a bull market as the price continues its upward move. It is most likely the downtrend will continue. Meanwhile, as the market is falling, the Relative Strength Index level 37 is also falling. The RSI indicates that BTC is still in the downtrend zone. Besides, Bitcoin is below the centerline 50 which indicates that the coin is likely to fall.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the market has traded and reached a low of $8,500. Initially, the price retested the $9,000 price level but was repelled. The price is consolidating above $8,500 support level. On the downside, if the bears break the range-bound movement, the market is likely to fall to the next support at $8,200 or $7,800.

BTC/USD – 4 Hour Chart

On the upside, if the price bounces up at the current level, BTC will rally above $9,000.Meanwhile, Bitcoin is above the 20% range of the daily stochastic indicating that price is in bullish momentum. Bitcoin is expected to rise but may face resistance at the $9,000 price level.

 

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.