Bitcoin price prediction shows a sideways trend as the coin fails to move towards the 21-day moving average.
Bitcoin Prediction Stats:
- Current bitcoin price – $21,620
- Bitcoin Market Cap – $413.1 Billion
- Bitcoin circulating supply – 19.0 million
- Total Bitcoin Supply – 19.0 million
- Bitcoin Rating on Coinmarketcap – #1
BTC/USD Long Term Trend: Down (Daily Chart)
Resistance: $27,000, $29,000, $31,000
Support Levels: $17,000, $15,000, $13,000
BTC/USD is hovering at $21,620 but the king coin failed to regain the $22,000 resistance as it consolidated above the 9-day and 21-day moving averages. For now, the Bitcoin price may start to trend sideways, but the daily chart shows the formation of a likely uptrend.
Bitcoin Price Prediction: BTC Price Could Consolidate To Rise
As Bitcoin price moves east, it is likely to slip and face the upper boundary of the channel as the Relative Strength Index technical indicator (14) moves in the same direction below the 50 level. This could be which means King coin is ready to go up in price until the red line of the 9 day moving average crosses above the green line of the 21 day moving average.
Looking at it from above, the recovery could be established bit by bit as the bulls can take the king coin above the $22,000 resistance level. However, a sustainable move north could reach the $25,000 resistance level, which could allow for an extended recovery in the direction of potential resistance levels at $27,000, $29,000 and 31,000 dollars. On the other hand, any bearish movement could cause Bitcoin price to hit support at $17,000, $15,000, and $13,000.
BTC/USD Mid-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, Bitcoin price is trading above the 9-day and 21-day moving averages. BTC/USD could break through the upper boundary of the channel as the market is trying to recover from the bearish momentum. However, if the price settles above the 9-day moving average and breaks through the upper boundary of the channel, it could identify resistance at $23,000 and above.
Furthermore, if the downside pulls back, the $21,000 support may not be able to hold the selling pressure. Therefore, BTC/USD is likely to drop to $20,500 and lower if the price moves towards the lower border of the channel. However, the Relative Strength Index technical indicator (14) is approaching the 70 level to confirm the bullish trend.
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