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Bitcoin Price Prediction – February 21
Bitcoin price is currently moving towards the $37,000 support level after falling 1.75% to hit a daily high of $39,506.
BTC/USD long-term trend: Bearish (Daily chart)
Key Levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $33,000, $31,000, $29,000
BTCUSD – Daily Chart
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The daily chart shows that BTC/USD has failed to break through the former resistance level of $38,000. The current consolidation pattern has prevented the price of Bitcoin from breaking through the 9-day and 21-day moving averages. The king coin may fall sharply to the lower boundary of the channel again. However, the red line of the 9-day moving average is crossing the green line of the 21-day moving average, and the relative strength index (14) is declining.
Bitcoin Price Prediction: Bitcoin (BTC) is poised for a serious drop
The daily chart shows that Bitcoin price refuses to hold the $38,000 resistance level and the king coin is ready to experience another few days of bearish movement. Therefore, the first support level is likely to be located at $35,000. Beneath this, other supports are located at $33,000, $31,000, and $29,000.
At the time of writing, Bitcoin price is heading south, with the king coin hitting a new daily low of $37,215, but the candlestick chart has not closed yet, however, it looks unlikely to see a final bullish close above $38,000. On the contrary, if buyers decide to push the coin above the upper boundary of the channel, potential resistance levels could be located at $44,000, $46,000, and $48,000.
BTC/USD Medium-term Trend: Bearish (4-hour chart)
The 4-hour chart shows that Bitcoin bears are now dominating the market, pushing the price towards the $37,000 support level. Although the Bitcoin price has not fallen below $37,500 at the time of writing, it is still considering a rebound.
BTCUSD – 4-hour chart
Currently, Bitcoin price may fall below the lower boundary of the channel, but an upward movement may locate the nearest resistance at $40,000 and above. Therefore, further bearish movement may hit the support at $36,000 and below. The technical indicator relative strength index (14) may re-enter the oversold zone, while the signal line is pointing downwards.
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