Bitcoin Price Prediction – February 20
The Bitcoin price extends the bearish movement to the areas marginally below $39,500 after numerous trials to sustain gains above $40,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $32,000, $30,000, $28,000
BTC/USD falls to $38,000 as the largest cryptocurrency embarks on a support smashing exercise after failing to hold above $40,000. Meanwhile, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Bitcoin (BTC) Moves to Add More Pains
The Bitcoin price is hovering at $38,406 with an intraday loss of 4.23%. The prevailing trend is bearish with expanding volatility and the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown towards the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $32,000, $30,000, and $28,000.
However, should Bitcoin price returns above the moving averages; the price could rise to $42,000 vital resistance while a further bullish drive could push the price to the resistance levels $45,000, $47,000, and $49,000. The technical Indicator Relative Strength Index (14) is revealing a continuous bearish, which shows that the market may remain at the downside.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
At the opening of the market today, the Bitcoin price begins to drop below the 9-day and 21-day moving averages, bringing its price to trade around $38,379. Meanwhile, should the price drop below the lower boundary of the channel, it could reach the support level at $36,500 and below.
Moreover, if the bulls push the coin above the moving averages, the Bitcoin price could revisit the resistance level of $40,000 and above. At the moment, the market may begin to move sideways or experience more downtrends as the technical indicator Relative Strength Index (14) remains within the oversold region.
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