Bulls Moving Away from $40,000 Resistance
The Bitcoin price prediction is trading below the resistance level of $40,000 as it prepares to gain more downsides.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $35,000, $33,000, $31,000
The daily chart reveals that BTC/USD could not break above the previous resistance level of $40,500. Moreover, the Bitcoin (BTC) begins the day off by trending lower toward the $39,000 level inside the channel. However, the first support level could be located at $38,000. Beneath this, support lies at $35,000, $33,000, and $31,000 levels.
Bitcoin Price Prediction: Bitcoin (BTC) May Gain More Downsides
Today’s trading marks another day that the Bitcoin price fails to stay below the 9-day and 21-day moving averages as it looks to set up another few days of negative price declines beneath $40,000. Meanwhile, a break above the daily high of $40,705 would have set the first digital asset up to reach the nearest resistance at the $42,500 level. In other words, traders can take note that Bitcoin fails to break up as the technical indicator Relative Strength Index (14) fails to cross above the 40-level.
Today, the price of Bitcoin couldn’t go higher as it is likely to cross below the lower boundary of the channel. Although the candle is still yet to close and it does look unlikely that the bulls may end up closing above it. More so, should the technical indicator moves below into the oversold region, the market price may end on the negative side, on the contrary, moving towards the upside could reach the resistance levels at $45,000, $47,000, and $49,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to push the coin above the 9-day moving average. However, the $38,000 and below may come into play if the bearish momentum increases the market movement.
However, if the buyers hijack the current movement and push it upward, traders may expect a retest at a $40,000 resistance level; breaking this level may further allow the bulls to hit $41,000 and above. At the moment, the technical indicator Relative Strength Index (14) signal line is seen moving below the 40-level which could give additional bearish signals in the next negative direction.
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