Bitcoin Price Prediction: Shaking a tree always makes the ripe fruit fall

21 Janvier, 2021, 21:22 | Auteur: Auguste Feret
  • Source BTCUSD on TradingView

More so, any bullish movement above the moving averages may push the price to the resistance level of $40,000, $42,000, and $44,000 while the supports are located at $30,000, $28,000, and $26,000 as the technical indicator remains moves below the 60-level. However, the coming few days may likely shine a light on Bitcoin's outlook, as it is now trading at a pivotal point. BTC is now moving lower and it could continue to move down towards $34,000 or $33,000.

BTC/USD is now pushing below the 9-day and 21-day moving averages, with bears moving to erase the gains that came about at the early hour of today's trading.

It broke the $37,000 and $36,800 support levels. A swing high was formed near $37,861 before the price corrected lower. It is close to the 50% Fib retracement level of the upward move from the $33,878 swing low to $37,861 high.

It seems like there is a major contracting triangle forming with support near $35,200 on the 4-hours chart of the BTC/USD pair.

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If bitcoin price fails to stay above the $38,850 support, it could continue to move down towards $35,000. In the stated case, the bears are likely to aim a test of $34,000. The next major support is near the $34,800 level, below which the price is likely to decline towards the $33,200 support zone in the coming sessions.

After another failed attempt above the $37,000 resistance, bitcoin price started a fresh decline. The main resistance is forming near the $38,500 level. Overall, the price could decline sharply if it clears the $35,200 and $35,000 support levels.

Bitcoin has tried to hold on to gains over the last week but has been unable to keep bullish momentum going.

4 hours RSI (Relative Strength Index) - The RSI is now declining below the 50 level.

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