Bitcoin Price Prediction – February 11
The Bitcoin price indicates bearish momentum as further upside has been rejected since yesterday, and bullish momentum has been lost.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $39,000, $37,000, $35,000
BTC/USD is currently hovering at $43,111 as the king coin retreats toward the 9-day and 21-day moving averages. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come to play.
Bitcoin Price Prediction: BTC Price May Retreat to Regain the Upside
Looking at the daily chart, the technical indicator Relative Strength Index (14) is heading towards the south; with the look of things, the Bitcoin price is not yet done with the upside. Despite the drop suffered today, the Relative Strength Index (14) is still hovering above 55-level. This could mean that there may still be a room that could be explored by the bulls as the Bitcoin price may rebound in as much as the first digital asset remains above the moving averages.
From above, the daily chart reveals that the recovery may not come easy as the support will have to be sorted for above the channel. Meanwhile, a sustainable move above the upper boundary of the channel could be located at $46,000, which may allow for an extended recovery towards the resistance levels at $48,000, $50,000, and $52,000. However, an increase in selling pressure could force the Bitcoin price towards the supports at $39,000, $37,000, and $35,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, the Bitcoin price is seen trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $42,000 support as the market is trying to recover from the bearish momentum. However, BTC/USD is likely to return to the bull market if the price breaks above the moving averages.
Meanwhile, higher resistance could be located at $45,500 and above, and as the technical indicator Relative Strength Index (14) moves to cross below 50-level. On the other hand, if the bearish movement continues, the support level of $39,000 and below could be reached and the king coin may cross below the lower boundary of the channel.
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:
