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Bitcoin Price Prediction: BTC/USD Takes a Breather as Market Consolidates Above $8,500

Bitcoin (BTC) Price Prediction – February 28

In its downward move, the bears broke the critical support level at $9,000. The price makes a pullback to retest the $9,000 before finding support above $8,500. BTC/USD fails to reach the next support at $8,400.

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

Unexpectedly, the downward move was temporarily interrupted as the market reaches the oversold region. The market fell to $8,500 low and continued a sideways move. In the oversold region, buyers emerge to push the coin upward. However, the market will remain in the oversold region if buyers fail to emerge. From the price action, if  BTC is  fluctuating the bears can push the price to the next support at $8,400.

Unquestionably, Bitcoin has fallen below 20% range of the stochastic. This indicates that the selling pressure of BTC is overdone. It also means that the market has reached the oversold region. In the oversold region, the bearish momentum is strong. Also, buyers are generated to push Bitcoin upward. Above all, the price is below the 12-day EMA and 26-day EMA which indicates that the downtrend has resumed.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)

On the 4-hour chart, BTC drops to the support at $8,500 and continues consolidation above the current support. On January 20, BTC consolidated at the same price level but resumed an upward movement after consolidation. The uptrend was prevailing in January but today the bears are in control.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is trading at level 22 of the Relative Strength Index period 14. The market is now in the oversold region of the RSI. Sellers will be unavailable to push BTC downward. Rather, buyers will be on hand to push Bitcoin upward. There, we expect the market to go up.

 

 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.