{"id":280579,"date":"2021-01-04T16:34:07","date_gmt":"2021-01-04T21:34:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=280579"},"modified":"2023-08-03T15:59:57","modified_gmt":"2023-08-03T15:59:57","slug":"btc-usd-long-term-trend-bullish-daily-chart-92","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/btc-usd-long-term-trend-bullish-daily-chart-92","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Drops below $33,600; Opportunity to Buy Low or Remain Calm"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 January 4<\/strong><\/p>\n

The Bitcoin price drops today from a high of $33,600 to a low of $27,678 within a few hours.<\/p>\n

BTC\/USD Long-term Trend: Bullish (Daily Chart)<\/h4>\n

Key levels:<\/p>\n

Resistance Levels: $36,000, $36,200, $36,400<\/p>\n

Support Levels: $25,500, $25,300, $25,100<\/p>\n

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BTCUSD – Daily Chart<\/figcaption><\/figure>\n

BTC\/USD<\/a> is in the middle of a retracement move since the beginning of today\u2019s trading. Meanwhile, the downward momentum has become quite unstoppable while the key support at $28,000 has been ravaged, forcing the bulls to concentrate on defending the next support which is targeted at $27,000. If this is broken, additional supports may be found at $25,500, $25,300, and $25,100.<\/p>\n

What to Expect from Bitcoin (BTC)<\/h4>\n

The formation of a bullish flag pattern suggests that the upside action could continue only if the pattern\u2019s support is not broken. However, a breakdown below the flags support may result in dire effects of Bitcoin price spiraling towards $26,000. The technical indicator has also supported the bearish motion, further drumming home the idea that this could be the end of bull’s rally.<\/p>\n

However, the RSI (14) is seen moving below the 80-level within the overbought zone as the sharp downward slope is a clear indication of the influence which allows the bears to put more pressure into the market. Meanwhile, a reversal is possible but only if the resistance at $32,500 is reclaimed. The persistence trade above this level may technically push the coin to the resistance levels of $36,000, $36,200, and $36,400.<\/p>\n

BTC\/USD Medium – Term Trend: Bullish (4H Chart)<\/h4>\n

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $25,000 and is still in the loop of making a bounce back. The Bitcoin price hovers below the 9-day and 21-day moving averages and may likely take time to trade above the $34,000. At the moment, the Bitcoin price is currently moving around $31,484 level.<\/p>\n

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BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

However, if the bulls can re-group and energize the market, traders may expect a retest of $25,000 level. Therefore, breaking the $33,000 could also allow the bulls to move above the 9-day and 21-day moving averages to test the resistance levels of $34,000 and above. In other words, if the bears should continue to hold the price and drag it downward, then the support levels of $29,100 and below may be visited as the RSI (14) moves below 550-level, indicating additional bearish movement.<\/p>\n

Read more:\u00a0<\/strong><\/p>\n