https://ift.tt/3FHAYOO May Retrace Above $48,000 Level

Bitcoin Price Prediction – January 1

The Bitcoin price prediction shows BTC moving from the opening price of $46,211 as the buying interest may increase on approach to $48,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $43,000, $41,000, $39,000

BTC/USD is moving sideways as the coin establishes a cross above $47,000 but currently rebounding to retest previous resistance at $48,000. The buyers may continue to look for some resistance levels by crossing above the 9-day and 21-day moving averages on its way to the upper boundary of the channel and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.

Bitcoin Price Prediction: BTC Price May Reclaim $48,000 Resistance

In the past few hours, after the Bitcoin price begins the upward movement, the king coin is now facing the resistance level of $47,500 and looking forward to reclaiming the resistance level of $48,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $45,000 support breaks down but the price could rise if the $48,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remain above 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $52,000, $54,000, and $56,000 but any movement towards the lower boundary of the channel could hit the supports at $43,000, $41,000, and $39,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index moves close to 50-level. From above, if the Bitcoin price stays above the moving averages, the bullish influence could spike and the accrued gains massively.

BTCUSD – 4 Hour Chart

However, the current candle could retreat below the moving averages and may target the support level of $46,000 and below but the best the bulls can do is to hold above the resistance level of $47,000 and keep their attention on breaking the potential resistance at $49,000 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

Read more: