https://ift.tt/p8QhE4g Creates a New Low Below $38,000

Bitcoin Price Prediction – February 21

The Bitcoin price is currently down with 1.75% after touching the daily high of $39,506 as it is now moving towards the $37,000 support.

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

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $33,000, $31,000, $29,000

The daily chart reveals that BTC/USD could not break above the previous resistance level of $38,000 with the current consolidation pattern as the Bitcoin price fails to cross above the 9-day and 21-day moving averages. The king coin may likely see another sharp drop towards the lower boundary of the channel. However, the red-line of the 9-day MA is crossing below the green-line of the 21-day MA as the Relative Strength Index (14) heads lower.

Bitcoin Price Prediction: Bitcoin (BTC) Ready for Serious Downtrends

The daily chart reveals that the Bitcoin price refuses to stay above the resistance level of $38,000 as the king coin prepares for another few days of the bearish movement. Therefore, the first support level could be located at $35,000. Beneath this, other supports lie at $33,000, $31,000, and $29,000.

At the time of writing, the Bitcoin price is falling towards the south as the king coin touches the new daily low of $37,215 but the candle is still yet to close, however, it does look unlikely that the bulls may end up closing above the $38,000 level. On the contrary, if the buyers decide to push the coin above the upper boundary of the channel, potential resistance levels could be located at $44,000, $46,000, and $48,000.

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

The 4-hour chart shows that the Bitcoin bears are now dominating the market pushing the price towards the support level of $37,000. Although the Bitcoin price has not yet slipped below $37,500 at the time of writing, it’s still in the loop of making a bounce back.

Presently, the Bitcoin price is likely to cross below the lower boundary of the channel but the upward movement may locate the nearest resistance at $40,000 and above. Therefore, any further bearish movement may hit support at $36,000 and below. The technical indicator Relative Strength Index (14) is likely to revisit the oversold region as the signal line faces down.

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