BTC/USD Heads to $42,000 Level
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The Bitcoin price prediction retested the $39,550 support level as it is now rising, but it must stay above $42,000 for a steady increase.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD is currently recovering from the $39,550 support zone as the Bitcoin price needs to cross above the 9-day and 21-day moving averages to keep the uptrend intact. The daily chart reveals that traders could see that the king coin is yet to cross above the 9-day MA, and this could mean that the Bitcoin price may drop to retest the $40,000 support.
Bitcoin Price Prediction: Would Bitcoin Price Stay Higher?
As seen on the daily chart, the Bitcoin price is moving closer to the 9-day MA as the coin begins the new bullish movement with a new note. In the meantime, traders could see that the Bitcoin price has continued to converge above the key level of $41,000. The Relative Strength Index (14) moves to cross above 40-level in an attempt to probably cross back to the north. That signals that the return of a bullish uptrend may come to play.
However, the first major resistance is near the $42,000 level, therefore, a clear break above the $44,000 level could set the pace for a larger increase to $45,000, $47,000, and $49,000 resistance levels. On the contrary, if the Bitcoin price fails to clear the $42,000 resistance, it could start a new decline as the initial support on the downside is near the $46,000 level. If there is a downside break below the $40,000 support and $38,000, the price could see a sharp decline towards the support levels of $36,000, $34,000, and $32,000 respectively.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The 4-hour chart for BTC shows that the coin is likely to follow a sideways movement. However, the Bitcoin price is currently crossing above the 9-day and 21-day moving averages. Any further bullish movement could hit the key resistance level at $44,000 and above.
However, considering that the 9-day MA is still below the 21-day MA, the Bitcoin price may move back below the $40,000 support. A cross below the lower boundary of the channel may further bring the BTC price to the support level of $38,000 and below. However, the technical indicator Relative Strength Index (14) moves in the same direction, which indicates sideways movement.
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