Bitcoin price forecast trades above the $40,000 resistance as the coin heads towards the 9-day moving average.
BTC/USD Long Term Trend: Range (Daily)
Critical level:
Resistance: $44,000, $46,000, $4,000
Support levels: $36,000, $34,000, $32,000
BTC/USD is likely to hold above $40,000 as the bulls may struggle to push the coin above the 9-day and 21-day moving averages. However, for Bitcoin price to hold above this barrier, the bulls need to make the $39,000 support quite strong.
Bitcoin Price Prediction: BTC/USD May Start Higher
Bitcoin price has yet to break above the 9-day and 21-day moving averages, but the king coin may close in a narrow range below the 9-day and 21-day moving averages. Additionally, the conference saw Bitcoin and other major cryptocurrencies trade on a good note. Meanwhile, Bitcoin price and daily candles are trading below the moving average at $40,199. The next resistance levels could be located at $44,000, $42,000 and $40,000.
However, if Bitcoin price fails to break above the 9-day and 21-day EMAs; traders may see the price below the important support level at the channel lower limit at $39,000. Therefore, a further move lower could push the price towards the $36,000, $34,000, and $32,000 supports. Currently, the RSI (14) is trading above the 40 level, indicating a bullish signal for the market.
BTC/USD Mid-Term Trend: Volatility (4H Chart)
Looking at the 4-hour chart, BTC/USD is hovering above the 9-day and 21-day moving averages. A successful close above this barrier is necessary for a bullish acceleration. If not, there is a risk of a downward extension below the $40,000 support. If there is a downtrend, the main support is near $38,500 and below.
However, if the bulls push the coin towards the upper end of the channel, the $41,000 level could act as a major hurdle for Bitcoin in the near term. Therefore, if there is an upside breakout above the channel, the next stops for the bulls are likely to be at $42,000 and above, as the RSI (14) rises above the 50 level, which suggests a sideways move.
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