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Bitcoin Price Prediction: BTC/USD Plunges, May Reach $9,200 Support Level

Bitcoin (BTC) Price Prediction – February 20

In the second successive attempt to push the price above the $10,400 overhead resistance, BTC/USD has encountered a breakdown. The pair slumped to a low of $9,290 but pulled back to $9,584.30. The downward move may continue if the $9,400 is also breached.

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

In a couple of days ago, the bulls fail in their first attempt to break above the $10,400 resistance. The consequential effect was that BTC fell to a low of $9,600 and rebounded. In the second attempt to break the overhead resistance, the bulls were repelled as the coin fell to the low of $9,290.

The price is now below the 12-day EMA and the 26-day EMA indicating that the selling pressure is likely to continue. The support line of the ascending channel has been broken and the price closed below it. Meanwhile, the Relative Strength Index has fallen to level 49 indicating that price is in the downtrend zone. The coin is likely to continue the downward move.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the upward move resumes and the overhead resistance was tested twice. In the process of time, a bearish reversal candlestick like a shooting star appeared resulting in the downward movement of the coin. Nonetheless, with the appearance of the pin bar, the uptrend may have been reversed. The coin has already fallen to the low of $9,290 but pulled back.

BTC/USD – 4 Hour Chart

The downward movement is ongoing as another bearish candlestick opens. On the downside, if $9,400 support is broken, the downtrend will continue. BTC is now trading below a 40% range of the daily stochastic. This indicates that BTC is in bearish momentum. The coin is likely to reach a low of $9,200.

 

 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.