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BTC Looks For A Bullish Direction, Breakout Soon?

BTC Looks for a Bullish Direction, Breakout Soon?
BTC Looks for a Bullish Direction, Breakout Soon?

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The Bitcoin price prediction gains 0.27% as bulls keep working hard on BTC to nurture a bullish trend towards the upside.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $19,393
  • Bitcoin market cap – $372.7 billion
  • Bitcoin circulating supply – 19.1 million
  • Bitcoin total supply – 19.1 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $22,000, $23,000, $24,000

Support Levels: $17,000, $16,000, $15,000

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BTC/USD is hovering at the $21,709 resistance level as the market price stays above the 9-day moving average, indicating a bullish movement. For the past few days, the Bitcoin price has been moving up and down, in the context of the Bitcoin exchange rate forecast; an application of $20,000 resistance is expected.

Will BTC Break Above $20,000 Level?

At the time of writing, the Bitcoin price is hovering within the 9-day and 21-day moving averages. However, if the price can hit the resistance level of $19,500, it is likely for the market price to touch the potential resistance of $20,000 level. This is where traders should expect buyers to fight for a further rise in the king coin. Meanwhile, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the support at $18,000 but if not; traders may see additional gains above the 21-day moving average.

Therefore, any further bullish movement could hit the resistance level of $22,000, $23,000, and $24,000 respectively. On the downside, if the market decides to cross below $18k support, BTC/USD could head towards the lower boundary of the channel, and if that support fails to hold the sell-off, the Bitcoin price could see a further decline toward the support levels of $17,000, $16,000, and $15,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) crosses above the 50-level.

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

On the 4-hour chart, the Bitcoin price is moving sideways and it could move above the upper boundary of the channel if the bullish pressure increases. On the contrary, if the selling pressure still exists and holds the coin does not follow the upward movement, the $18,000 and below may come into play.

BTCUSD – 4-Hour Chart

However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $21,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is crossing above the 50-level, suggesting that more bullish signals may play out.

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