Bitcoin Price Prediction: BTC/USD Currently Trades Around a Lowly Value of $36,000

Bitcoin Price Prediction – January 17
After several a visible number of trial efforts to breach past a main resistance price line around the $4,000 value, Bitcoin’s worth eventually relaxes muscle as trade with the US dollar until the present time of writing.

BTC/USD Market
Key Levels:
Resistance levels: $45,000, $50,000, $55,000
Support levels: $25,000, $20,000, $15,000

BTC/USD – Daily Chart
There has been a notable sell signal looming in the BTC/USD market, denoting that bulls’ pushing forces are now gradually getting weak. On January 11, the 14-day SMA trend-line broken southward to test a low point at $30,000. And, yet, the price is slightly trading below the sell signal of the smaller SMA trading indicator around the $35,000 level. The 50-day SMA is still underneath the price-value tested previously, a bit over a support line at $25,000.

What is likely the BTC/USD next price position?
In the meantime, a key resistance value at $40,000 has formed to mark a potential selling point for bears to brace up for a come-back. The BTC/USD bears now struggle to push the market down below $35,000. The Stochastic Oscillator has briefly crossed hairs to the south below range 80 to signify a falling pressure.

Should the present slight-falling forces hold long in the BTC/USD trading activities, bears could potentially move price past the former tested support trading area of $30,000 to afterward find a lower support level around $25,000 mark in no time. Meanwhile, at that earlier mentioned value, traders should be wary of getting late as there is a tendency that the market will see a quick-northward reversal move that could result in bears’ trap.

BTC/USD 4-hour Chart
Over a few trading days’ sessions, BTC/USD has been trading around three key variant levels of $40,000, $36,000 and, $32,000. Initially, the crypto’s value dumped below $32,000 and, later on, managed to recover back to touch a high mark at $40,000 on January 14.

Presently, price appears to fall under the $36,000 value, a bit below the two SMA trading indicators. That suggests that bears are some extent coming back to the crypto-market. But, Stochastic Oscillators have moved downward-pointing closer to range 20. Therefore, if the $32,000 price-line has to be breach southwardly, bears would have to exert more pressures to keep below it

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.