Bitcoin Price Forecast – February 22
The BTC/USD market swings down at $40,000 and 435,000 lines as the crypto-economic price continues to move to the downside slowly and steadily. Trading activities witnessed a high and low of $37,465 and $36,359 at a negative percentage of 0.62.
Resistance Levels: $40,000, $42,500, $45,000
Support Levels: $35,000, $32,500, $30,000
BTC/USD – Daily Chart
The daily BTC/USD chart shows the crypto-economic market swings at $40,000 and $35,000 as the downtrend appears to have resumed, having broken out at the aforementioned higher value line. The 14-day SMA indicator is below the 50-day SMA indicator. Stochastic oscillators are in the oversold region, trying to consolidate. This could mean that the downtrend will have to stay longer if the indicator reading is genuine.
Will the BTC/USD price hold even tighter in its current bearish session as the market swings lower at $40,000 and $35,000?
The BTC/USD price may hold even tighter in its current bearish session as the market swings down at the $40,000 and $35,000 levels. The situation did not have a tangible signal against the downward movement status to safely count on a bullish movement return process from now on. A rally could take place in a short time, featuring a daily bullish candle engulfing some penultimate afterward and then subsequent sessions are likely to see more ups returning.
On the downside of technical analysis, short placers in the BTC/USD market need to exercise some precautionary measures when exercising a sell order at this time. But, previously open positions can still continue to run longer for a while until a full bullish candlestick forms at a lower trading point to exit your open sell positions. A breakdown of $35,000 could lead to bear speculation. And this can also cause the bear trap.
BTC/USD 4-hour chart
The 4-hour BTC/USD chart shows that crypto-economic price activities move in a downtrend outlook. The market swings down at the $40,000 and $35,000 trading levels. The lower value line was on average as prices seem to consolidate their positions around the drawn lower downtrend line. Stochastic oscillators have crossed their lines southwards from the 80 range to touch the 40 range. This means that a downward force is in place. Therefore, the craving for orders can be suspended for a while to get a pattern that foreshadows a return from the highs to start acting in line with this supposed change in direction. Want to buy or trade Bitcoin (BTC) now?