BTC failed to hit the $39,000 resistance

BTCUSD 1D 30042022

The Bitcoin price forecast shows BTC going down as the price hits the low of $38,153.

BTC/USD Long-Term Trend: Ranging (Day Chart)

Key Levels:

Resistance Levels: $43,000, $45,000, $47,000

Support Levels: $35,000, $33,000, $31,000

BTCUSD – Daily Chart

BTC/USD is currently trading below the USD 38,500 level as the price moves below the lower limit of the channel. Meanwhile, bearish move could be developing according to the technical indicator, indicating that the king coin could likely fall just a little bit before climbing back above the 9 and 21 day moving averages.

Bitcoin Price Prediction: Could Bitcoin (BTC) Still Go Higher?

At the time of writing, Bitcoin price is changing hands at $38,358, marking a significant rally below the moving averages. However, what the next BTC trends are may depend on whether sellers can close today’s candle below $38,500. Looking at the daily chart, traders can expect the king coin to fall below the $36,000 support, which could later move towards the critical support levels of $35,000, $33,000 and $31,000.

On the contrary, if Bitcoin price did not close below the $38,000 level; the price could move above the 9 and 21 day moving averages, and crossing this barrier could send the price towards the $43,000, $45,000 and $47,000 resistance levels. What’s more, the Relative Strength Index (14) technical indicator recently revealed a sign of trend reversal, showing possible bearish momentum in the market in the near term.

BTC/USD medium term trend: ranging (4H chart)

On the 4-hour chart, BTC/USD is currently trading around $38,359 below the 9 and 21 day moving averages after hitting the high of $38,619 as Bitcoin price prepares to follow the downtrend.

BTCUSD – 4 Hour Chart

On the contrary, if the buyers stimulate the market, they can easily push the market price above the moving averages, which could push the king coin towards the resistance level of $40,000 and above. Meanwhile, the Relative Strength Index (14) is moving to move below the 40 level and any further bearish move south could push the price towards the support level of $37,000 and below.

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