Crypto

Bitcoin Price Prediction: BTC/USD Struggles to Hold Above $39,000 Resistance Level


Bitcoin Price Prediction – February 1

The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $39,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $43,000, $45,000, $47,000

Support Levels: $34,500, $32,500, $30,000

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD couldn’t break the resistance level of $38,000 with the current consolidation pattern once again as it fails to close above the 21-day moving average. The Bitcoin (BTC) begins the day off by trending higher toward the north only to roll over and fall lower to trade back inside the channel. Similarly, the first level of support could be located around $35,000. Beneath this, support lies at $34,500, $32,500, and $30,500 levels.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

However, a break above the upper boundary of the channel may set Bitcoin price up to reach the $40,000 level; however, this is looking less and less likely with each failed breakout attempt as the RSI (14) moves around 40-level. On the next positive move, traders can clearly see BTC likely to break up above the channel. Although the candle is still yet to close, however, it does look that the bulls may end up closing above the 21-day moving average as the potential resistance levels could be found at $43,000, $45,000, and $47,000.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, BTC/USD may need to recover above $39,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure in other to hit the nearest resistance level of $39,500. However, this psychological barrier may be closely followed by $40,000 and $42,000 resistance levels.

On the contrary, the nearest support may come at $38,000 and a sustainable move lower will increase the downside pressure and push the price towards $37,000 and $36,000 support levels. Considering that the technical indicator Relative Strength Index (14) on a 4-hour chart is starting to revert to the upside as traders might expect that the bull’s case scenario may come to play.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:



Source link

Related Articles

Back to top button