Bitcoin Price Prediction: BTC/USD Couldn’t Break Above $40,000

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – June 18

At the moment, BTC/USD is dropping by a total of 1.62% within 24 hours as it trades at the $37,476 level.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $45,000, $47,000, $49,000

Support Levels: $31,000, $29,000, $27,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

The daily chart reveals that BTC/USD failed to stay above the 9-day and 21-day moving averages with the current consolidation pattern as it fails to close above the $40,000 level. The Bitcoin price started the day off by trending toward the $38,200 level only to roll over and fall lower to trade back inside the channel. Similarly, the first support level is located at $35,000. Beneath this, other supports lie at $31,000, $29,000, and $27,000 levels.

Bitcoin Price Prediction: Bitcoin Price Remains Below $38,500

For the past few days, the Bitcoin price has been following the downtrend as the coin moves to drop below the 9-day and 21-day moving averages. However, this marks the fourth day in a row that Bitcoin has failed to keep the upward movement as it looks to set up another few days of negative price declines beneath $35,000. According to the daily chart, a break above the upper boundary of the channel would have set Bitcoin up to reach the $39,000 level; however, the Relative Strength Index (14) moves to cross below 50-level.

On the contrary, traders can clearly see the Bitcoin price failing to break up above the upper boundary of this channel. Today, the first digital asset is seen hovering within the 9-day and 21-day MAs. Although the candle is yet to close above it and it does not look like the bulls may end up closing above this barrier. Therefore, toward the upside, resistance levels remains at $45,000, $47,000, and $49,000.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

The 4-hour chart shows that the Bitcoin bears are now stepping back into the market pushing the price below its previous support level that existed around $37,300. Although the Bitcoin price is yet to slip below $37,000, it’s still in the loop of making a bounce back. However, BTC/USD hovers around $37,222 and may take time to persistently trade above $40,000.

BTCUSD – 4 Hour Chart

Presently, the Bitcoin price is currently below the 9-day and 21-day moving averages. If the market decides to move upward, it may likely push the price to the nearest resistance at $40,000, $42,000, and $44,000 resistance levels while the immediate support lies at $35,000, $33,000, and $31,000. Meanwhile, the Relative Strength Index (14) is crossing below 40-level, which indicates more bearish signals.

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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.