BTC/USD Struggles to Hold Above $16,800 Level
The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $17,000.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $16,820
Bitcoin market cap – $324 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $21,000, $23,000, $25,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD couldn’t break the resistance level of $17,000 with the current consolidation pattern as the king coin fails to close above the 9-day and 21-day moving averages. The Bitcoin (BTC) begins the day off by trending toward the north only to roll over and fall lower to touch the daily low at $16,778. Similarly, the first level of support could be located around $16,500. Beneath this, support lies at $14,000, $12,000, and $10,000 levels.
Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside
The Bitcoin price could break to the upside but it could take a little time before this comes to play. Meanwhile, a break above the upper boundary of the channel could set the price of Bitcoin up to reach the $18,000 level; however, this is looking less and less likely with each failed breakout attempt as the Relative Strength Index (14) moves around 50-level.
Nevertheless, on the next positive move, traders can see BTC likely to break towards the upside within the channel. Although the candle is still yet to close, it does look that the bulls may end up closing above the 9-day and 21-day moving averages as the potential resistance levels could be found at $21,000, $23,000, and $25,000.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, BTC/USD may need to recover above $17,000 and move toward the upper boundary of the channel to mitigate the short-term bearish pressure in other to hit the potential resistance level of $18,000. However, this psychological barrier could be closely followed by the resistance level of $17,100 and above.
On the contrary, the nearest support may come at $16,500 and a sustainable move lower will increase the downside pressure and bring the price toward the support level of $16,600 and below. Considering that the technical indicator Relative Strength Index (14) could start to revert to the upside as traders might expect that the bull’s case scenario may come to play.
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