Bitcoin price prediction shows that BTC is following a sideways move as the coin fails to reach the 21-day moving average.
Bitcoin Prediction Statistics:
Bitcoin Price Now – $21,099 Bitcoin Market Cap – $402.1 Billion Bitcoin Circulating Supply – 19 million Bitcoin Total Supply – 19 million Bitcoin Coinmarketcap Ranking – #1
BTC/USD Long Term Trend: Range (Daily)
Resistance: $28,000, $30,000, $32,000
Support levels: $15,000, $13,000, $11,000
At the time of writing, BTC/USD is hovering at $21,099. However, the king coin failed to reclaim the $22,000 resistance as the coin consolidated within the 9-day and 21-day moving averages. Currently, Bitcoin price may start to follow a sideways move, but the daily chart shows that the formation of a bearish move may be in play.
Bitcoin Price Prediction: BTC Price May Consolidate Down
As Bitcoin price moves east, it is likely to slide down and face the lower boundary of the channel as the technical indicator RSI (14) moves in the same direction below the 40 level. This could mean that the King coin is not ready to move up until the red line of the 9-day moving average crosses the green line of the 21-day moving average.
From above, the recovery may not be easy, as the bears may take the king coin below the lower boundary of the channel. Meanwhile, a sustained break above the 9-day and 21-day moving averages could find resistance at $25,000, which could lead to a further rally to potential resistance at $28,000, $30,000, and $32,000. However, an increase in selling pressure could lead Bitcoin price to hit the $15,000, $13,000 and $11,000 support levels.
BTC/USD medium-term trend: Bearish (4-hour chart)
Looking at the 4-hour chart, Bitcoin price is above the 9-day and 21-day moving averages. BTC/USD could breach the upper end of the channel as the market tries to recover from bearish momentum. However, if prices break above the 9-day moving average and above the upper channel ceiling, higher resistance will be found at $23,000, but instead, the technical indicator, the Relative Strength Index (14), will trade sideways.
Also, if the bearish move recedes, the $20,000 support may not hold the selling pressure. Therefore, if the price moves towards the lower bound of the channel, BTC/USD could drop to $18,000 and below.
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