Bitcoin Price Prediction – February 4
With the Bitcoin price prediction shooting close to $41,000 now, it is doing a little to flip the market sentiment at this stage.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $34,000, $32,000, $30,000
Looking at the daily chart, BTC/USD is correcting gains from $37,324 and begins to start a new increase above the 9-day and 21-day moving averages. During the European session today, the Bitcoin price begins a steady increase above the $40,000 resistance level as the coin hovers at $40,537. Now, BTC/USD is settling towards the upper boundary of the channel.
Bitcoin Price Prediction: Would BTC Price move Higher?
The Bitcoin price is seen retracing and trading above the 9-day and 21-daymoving averages as the market price stays under the daily high of $40,960 resistance which is a sign of bullish momentum. Further increase in the bullish momentum may have to increase the price above this level; another resistance may come at $42,000 before reaching the potential resistance levels of $45,000, $47,000, and $49,000 respectively.
However, if the resistance level of $40,500 failed to hold, it may reverse and face the support level at $38,000, further increase in the bears’ pressure may bring down the price below the moving averages and possibly hit the critical supports at $34,000, $32,000, and $30,000. Meanwhile, the technical indicator Relative Strength Index (14) is moving above 50-level, moving more higher may ignite buy signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $40,675. However, at the time of writing, BTC/USD is trading near the upper boundary of the channel but any bearish move towards the moving averages may drag the coin to hit the support at $39,000 and below.
Furthermore, if Bitcoin finds a decent resistance level around $41,000 level, it may start another bullish movement above the upper boundary of the channel which may likely reach the resistance level of $42,000 and above. In other words, the technical indicator Relative Strength Index (14) is seen moving within the overbought region, suggesting additional bullish signals into the market.
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