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Bitcoin Price Prediction: BTC/USD Consolidates, May Slide Below $9,400 Support Level

Bitcoin (BTC) Price Prediction – February 22
BTC/USD pair is fluctuating between $9,600 and $9,800 after a disappointing breakdown. After the first breakdown at the low of $9,600, the bulls defended the support and pushed the price upward to retest the overhead resistance.

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

Bitcoin also has a second breakdown after an unsuccessful attempt to push the price above $10,400 overhead resistance. Thereafter, the upward move was hampered as the market takes a breather. BTC is consolidating with small body candlesticks like Doji and Spinning tops. These candlesticks describe the indecision between the buyers and sellers about the direction of the market. The market will take a stand after this consolidation.

On the upside, if the bulls fail to break above the overhead resistance, the bears will take the initiative. We will see a repeat of the price action in October and November 2019 where BTC fell to the low of $7,000. Bitcoin has fallen below a 40% range of the daily stochastic. However, the stochastic bands a making a U-turn indicating a bullish momentum

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, we have a large bearish candlestick that reaches a low of $9,290. The other small body candlesticks are being resisted by the 12-day EMA as the coin makes an upward move. This indicates that the coin will have a few days of consolidation above $9,600.

BTC/USD – 4 – Hour Chart

On the downside, if the bears break below the low of $9,400, selling pressure may continue. Nonetheless, Bitcoin is trading at level 44 of the Relative Strength Index. This indicates that BTC is in the downtrend zone and it is likely to fall.

 

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.