Bitcoin price prediction retested the $39,550 support as it is now rising, but it must hold above $42,000 for a steady rise.
BTC/USD Long Term Trend: Range (Daily)
Resistance: $45,000, $47,000, $49,000
Support levels: $36,000, $34,000, $32,000
BTC/USD is currently recovering from the $39,550 support area as Bitcoin price needs to break above the 9-day and 21-day moving averages to keep the uptrend intact. The daily chart shows that traders can see that the gold coin has yet to break above the 9-day EMA, which could mean that Bitcoin price may drop to retest the $40,000 support.
Bitcoin Price Prediction: Will Bitcoin Price Stay Higher?
As the daily chart shows, Bitcoin price is approaching the 9-day EMA as the coin begins a fresh bullish movement with a fresh note. Meanwhile, traders could see Bitcoin price continue to converge above the key $41,000 level. The RSI (14) moved above the 40 level in an attempt to possibly cross back to the north. This suggests that a reversion of the bullish uptrend could be in play.
However, the first major resistance is near $42,000, so if there is a clear break above the $44,000 level, further gains to the $45,000, $47,000 and $49,000 resistance levels are likely. Conversely, if Bitcoin price fails to break the $42,000 resistance, it could start a fresh decline as initial support on the downside lies near $46,000. If there is a break below the $40,000 and $38,000 support levels, the price could see a sharp decline towards the $36,000, $34,000, and $32,000 support levels, respectively.
BTC/USD Mid-Term Trend: Volatility (4H Chart)
The 4-hour chart of BTC shows that the coin is likely to move sideways. However, Bitcoin price is currently breaking above the 9-day and 21-day moving averages. Any further bullish moves could hit key resistance levels at $44,000 and above.
However, considering that the 9-day EMA is still below the 21-day EMA, Bitcoin price could fall back below the $40,000 support. A crossover below the lower boundary of the channel could further push BTC price to support at $38,000 and below. However, the technical indicator, the Relative Strength Index (14), moved in the same direction, suggesting a sideways movement.
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