Bitcoin Price Prediction – January 12
The Bitcoin price prediction reveals that BTC slumps below the resistance level of $44,071 as further downside momentum may play out.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $40,000, $38,000, $36,000
BTC/USD soars and touches the resistance level of $44,000 in the early hours of today as the stays above the 9-day moving average. Therefore, the bitcoin price is hovering at $43,917.88 after dropping from the daily high. In the meantime, where Bitcoin will go next after this retreat is likely to depend on the ability of the bulls to hold the price above the key support at $43,900.
Bitcoin Price Prediction: Bitcoin Price May Face the Uptrend
The Bitcoin price remains intact above the 9-day moving average yet to cross above the 21-day moving average. However, a further retracement seems imminent, and it is likely to break above the previous resistance at $44,000. On the contrary, the $40,000, $38,000, and $36,000 serve as the major supports just in case BTC falls further. The technical indicator Relative Strength Index (14) is still moving above 40-level, suggesting a sideways movement within the market.
However, as the daily chart reveals, if the bulls could push the price back above the daily high at $44,000, BTC/USD may see a cross above the upper boundary of the channel which could hit the potential resistance level at $45,000, any further movement could send it to other resistance levels at $48,000, $50,000, and $52,000 respectively.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bulls are coming back into the market as the coin moves above the 9-day and 21-day moving averages. Meanwhile, if the Bitcoin price breaks above the upper boundary of the channel, the $46,000 and above may come into play.
However, if the price breaks below the 9-day and 21-day moving averages and falls more, the support level of $42,000 and below may be in focus. Meanwhile, as the technical indicator Relative Strength Index (14) moves above 60-level, more bullish signals may play out.
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:
Credit: Source link
