Bitcoin (BTC) Price Prediction – February 27
The Bitcoin (BTC) bears are steadily pushing the price below $8,800 which is the critical technical support for the market.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,000, $10,200, $10,400
Support Levels: $7,800, $7,600, $7,400
BTC/USD has experienced an incredibly bearish price action in the past 24 hours, the cryptocurrency losing support below $8,800 and entering a downward trend as the bears try to erase much of the recent BTC gains. At the time of writing, Bitcoin is trading down over 0.70% at its current price of $8,790, which marks a notable decline from a daily high of $9,369 region and an intense drop from the weekly high of over $10,000.
However, the reason for the on-going sell-off seems to have been the cryptocurrency’s swift rejection at $10,000 that it faced this past weekend, which seems to confirm the bearish structure of the market which was developing as a result of its flash crash that was seen exactly a week ago. Following the short-term bearish scenario; the RSI (14) signal line is still below the 40-level and the next level of supports for Bitcoin lies at $7,800, $7,600 and $7,400.
Moreover, if the market can find mid-term support between the ranges of $9,300 – $8,700 area, traders can then expect insane price growth to the $10,000 and beyond. For now, there’s a need for a clear cross above the 9-day and 21-day moving averages that may push the price towards the resistance levels of $10,000, $10,200 and $10,400 before we can start to consider a bullish surge in Bitcoin’s price.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is exchanging hands below the $8,800 for the first time since the beginning of February. If BTC/USD does not reverse upwards and gain ground above the moving averages, the sellers are likely to exert more pressure, forcing the bulls down a painful path towards $8,400, $8,200 and $8,000 support levels.
However, as the RSI (14) is making an attempt to move out of the oversold zone and to consider a possible bullish swing, we may need to see BTC/USD touches at $9,100, $9,300 and $9,500 resistance levels before we can start to feel a bullish comeback. In fact, a clear break above the $9,800 might give us a buy signal in the medium-term. Otherwise, the market will remain in a bearish condition.
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