BTC Climbs Above $42,000; Time to Resume Higher?
The Bitcoin price prediction is showing positive signs, and it is likely to accelerate further higher in the near term.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $38,500, $36,500, $34,500
According to the daily chart, BTC/USD breaches $42,693 as all-time high beckons. The king coin is trading well above the 9-day moving average at $42,561. More so, the Bitcoin price is within touching distance of forming a new high above the previous high, which is quite remarkable.
Bitcoin Price Prediction: Where is Bitcoin Price Going Next?
At the moment, the Bitcoin price is trading comfortably towards the 21-day moving average as the price establishes a new bullish signal. With the look of things, one could say that the long-term outlook favors the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistance levels at $46,000, $48,000, and $50,000 respectively.
On the contrary, any drop from the current level could lead to declines in the critical support below the lower boundary of the channel. However, should in case BTC drops and touches the low of $40,000 support, then the coin can rely on the long-term support levels at $38,500, $36,500, and $34,500. Moreover, the technical indicator Relative Strength Index (14) is crossing above 50-level, suggesting more bullish signals.
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 $41,895. However, today’s price move happens to be an impressive one as it climbs above the long-awaited resistance level of $42,000 with a sharp upsurge. More so, BTC/USD is now maintaining its bull run above this level, but the technical indicator Relative Strength Index (14) moves to cross below the 60-level.
However, BTC may take a downward move if the bulls failed to push the price higher, and the coin may breach below the 9-day and 21-day moving averages, which could reach another support at $40,000 and below. Nevertheless, if the bulls find a decent resistance level of around $43,000, the coin may continue bullish movement above the channel at the resistance level of $44,000 and above.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider