Bitcoin Price Prediction: BTC/USD Turns below $40,000

Original author: Azeez Mustapha

Go to source

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.

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:

• How to buy Bitcoin
• How to buy Cryptocurrency