Bitcoin Price Prediction – February 16
The Bitcoin price prediction shows that BTC drops today as the cryptocurrency breaks to touch the daily low of $43,330.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $49,000, $51,000, $53,000
Support Levels: $40,000, $38,000, $36,000
BTC/USD is dropping with another loss of 0.69% today as the cryptocurrency retreats below the upper boundary of the channel to touch the daily low at $43,330. However, the daily chart reveals that $45,000 is a very important area as it could provide strong resistance for the market in the coming trades; therefore, it is expected to provide another strong support.
Bitcoin Price Prediction: Bitcoin Price May Face the Higher Level
The Bitcoin price is now bouncing above the 9-day and 21-day moving averages as the king coin prepares to cross above the channel. However, the king coin is not ready for the downward movement with the next few days dictating the direction that it will head to. Meanwhile, a drop below the moving averages could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $40,000, $38,000, and $36,000.
Moreover, if the buyers can rebound and push the coin above the upper boundary of the channel, further resistance is expected at $46,000 and this may likely follow by the potential resistance at $49,000, $51,000, and $53,000 levels. Presently, the Relative Strength Index (14) faces the south, indicating a little retreat.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
As revealed by the 4-hour chart, the Bitcoin price is seen hovering at $44,282 as the coin trades within the 9-day and 21-day moving averages with buyers pushing the price to the resistance level of $45,000. However, if the bulls decide to keep the market price above the channel, the coin may likely hit the resistance at $46,000 and above.
However, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $43,000 support seem to indicate that bears are building momentum and as the Relative Strength Index (14) moves in the same direction, crossing below 50-level may locate the critical support at $42,500 and below.
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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-drops-beneath-44500