Bitcoin Price Prediction for Today April 16: BTC Faces Fresh Support At $40,000 ByAzeez MustaphaPRO INVESTOR Updated: 16 April 2022 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. The Bitcoin price prediction shows BTC sliding towards the downside as the cryptocurrency touches the $40,005 low. BTC/USD Long-term Trend: Bearish (Daily Chart) Key levels: Resistance Levels: $45,000, $47,000, $49,000 Support Levels: $36,000, $34,000, $32,000 BTCUSD – Daily Chart Buy Bitcoin Now BTC/USD drops with another loss of 0.45% today as the cryptocurrency falls beneath the 9-day moving average to reach the daily low at $40,005. However, the daily chart reveals that $40,000 is a very important area as it is expected to provide strong support for the coin. Bitcoin Price Prediction: Would Bitcoin Price Go Below $40k? The Bitcoin price begins to slide below the 9-day and 21-day moving averages at support provided by the trend line. A breakdown below the lower boundary of the channel could cause the Bitcoin price to create a new low. However, a drop below the lower boundary of the channel could be detrimental to Bitcoin as it could lead the coin to reach the supports at $36,000, $34,000, and $32,000. Moreover, if the Bitcoin price crosses above the 9-day moving average, the first level of resistance could lie at $43,000. Above this, further resistance is expected at $44,000. This may likely follow by the potential resistance levels at $45,000, $47,000, and $49,000. At the moment, the Relative Strength Index (14) is likely to cross below 40-level, indicating that more bearish signals might come to play. BTC/USD Medium-Term Trend: Bearish (4H Chart) According to the 4-hour chart, the Bitcoin price is seen hovering at $40,539 as the coin prepares to cross above the upper boundary of the channel. However, if the bulls decide to keep the market price above the 9-day and 21-day moving averages, the coin may likely hit the resistance at $42,000 and above. BTCUSD – 4 Hour Chart Nevertheless, it now appears that the cryptocurrency is ready for the upward moment as the 9-day moving average moves to cross above the 21-day moving average which may confirm the bullish movement. The Relative Strength Index (14) is likely to cross above 50-level, otherwise, the king coin may locate the support level at $39,000 and below. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency
