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The Bitcoin (BTC) price prediction loses traction as the king coin heads to the south; losses are likely to continue should it break additional supports.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $22,500, $24,500, $26,500
Support Levels: $16,500, $14,500, $12,500
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Since the past few days, traders can easily see that BTC/USD is back in the red zone posting major losses of 4.52% on the day after commencing the trading at $19,794. However, the market movement has an intraday high of $20,179; although the world’s largest crypto touches the support level of $18,663 before going back to where it is currently trading at $18,899.
Bitcoin Ready to Plunge More as the Tamadoge Explodes Skywards
The Bitcoin price is just moving towards the support level of $18,500, after marking $18,663 as the current daily low in the market. Does this mean that Bitcoin (BTC) is finally searching for a new low? As the daily volume candle supports the bears, together with the 9-day moving average staying below the 21-day moving average, it can be assumed that a stronger bearish movement may surface in the next negative movement.
However, BTC/USD is struggling to maintain the $19,000 level, if the coin begins the downward trend, the technical indicator Relative Strength Index (14) is likely to move into the oversold region, and the next support levels may come at $16,500, $14,500, and $12,500. On the contrary, if the coin moves above the moving averages, the further movement could face the upper boundary of the channel, but crossing above the moving averages may cause the king coin to hit the resistance levels of $22,500, $24,500, and $26,500.
BTC/USD Medium-term Trend: Bearish (4H Chart)
On the 4-Hour chart, the Bitcoin price is hovering below the 9-day and 21-day moving averages to create a new low. However, should the bulls gather enough strength and cross above the moving averages; the upward movement may be able to near the resistance level of $20,000 and above.
However, on the downside, immediate support could be located below the lower boundary of the channel to hit the main support at the $18,500 level. The price may likely fall furthermore and move towards the critical support level at $18,000, and below if the bears put more pressure on the market, any further movement could push the coin below the lower boundary of the channel, and the Relative Strength Index (14) may cross into the oversold region.
Tamadoge is combining the fun of Tamagotchi with the play-to-earn mechanics made possible with NFT technology applied to gaming. Earlier this week the project completed the sixth phase on the project in which the coin was priced from 1 USDT to 44 TAMA. The price has since increased, to 1 USDT buying 40 TAMA. There will be nine tranches of token sales in all, with the price increasing at each stage. 711 million tokens have been sold so far out of a total of 1 billion that is available in the presale out of a total supply of 2 billion.
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