Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price prediction shows that BTC is still attempting an upside break above $17,000 as the king coin touches the $16,967 level.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $16,842
- Bitcoin market cap – $324.5 billion
- Bitcoin circulating supply – 19.2 million
- Bitcoin total supply – 19.2 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $21,000, $23,000, $25,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD range-bounds with the selling pressure seen around the $16,829 level which is stopping it from seeing any major gains. BTC could gain bullish momentum if there is a daily close above the $17,000 and $17,200 resistance levels. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the Bitcoin price may continue to face a prolonged sideways movement or drop below the current market value.
Bitcoin Price Prediction: Bitcoin May Revisit the Downtrends
The Bitcoin price may likely slide below the 9-day and 21-day moving averages as the daily chart shows; but, a further retracement seems imminent and it is likely to break below $16,500. Meanwhile, $14,000, $12,000, and $10,000 serve as the major support levels, should in case BTC wants to fall further. The technical indicator Relative Strength Index (14) is hovering below the 50-level, suggesting bearish movement.
However, as the daily chart reveals, if the bulls could push the price back above the daily high at $16,967, BTC/USD could see a potential resistance level at $17,000, and any bullish cross above the upper boundary of the channel could send it to the potential resistance levels at $21,000, $23,000, and $25,000 respectively.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are likely to come back into the market as the Bitcoin price moves within the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above this barrier, the resistance level of $17,700 and above may come into play.
However, if the price breaks to the south and faces the lower boundary of the channel, the support level of $16,200 and below may be in focus. Nonetheless, as the Relative Strength Index (14) moves to cross below the 50-level, more bearish signals may play out before a rebound could emanate.
Dash 2 Trade gives you the ability to optimize your trading and speculative profitability with effective crypto trading recommendations, auto trading, and analytics features. There is a D2T token presale ongoing and time is running out. The presale dashboard launch is coming soon since the product dev is ahead of the schedule. So far, the presale has raised almost $12 million.
Related
Join Our Telegram channel to stay up to date on breaking news coverage
