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BTC/USD struggles to break the $38,000 level

Bitcoin Price Forecast – February 22

The Bitcoin price prediction shows BTC rebounding from the daily low of $36,350 as buying interest could rise to $40,000.

BTC/USD Long Term Trend: Bearish (Daily Chart)

Key Levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $32,000, $30,000, $28,000

BTCUSD – Daily Chart

The BTC/USD pair could continue to decline if the market price stays below the 9-day and 21-day moving averages. However, as the market establishes a move towards the $38,000 resistance level, buyers may continue to look for additional resistance levels en route to the 9-day moving average.

Bitcoin Price Forecast: BTC Price May Recover $40,000 Resistance

According to the daily chart, after Bitcoin price started daily trading at $37,022, the king coin is now trading above the $37,500 resistance level and is expected to reclaim more resistance levels. Furthermore, the daily chart reveals that as the 9-day moving average is crossing below the 21-day moving average; can confirm the next direction the coin will go. In other words, BTC/USD may fall if the price reaches the lower boundary of the channel, but it may rise if the $40,000 resistance is reached.

At the time of writing, the Relative Strength Index (14) technical indicator can likely cross above the 40 level to indicate a bullish move. Meanwhile, if the king coin breaks above the moving averages, it could hit the $42,000, $44,000 and $46,000 resistance levels, but any move towards the lower boundary of the channel could hit the supports at $ 32,000, $30,000 and $28,000.

BTC/USD Medium Term Trend: Bearish (4H Chart)

According to the 4-hour chart, Bitcoin price is seen rising above the 9-day moving average as the Relative Strength Index technical indicator moves to surpass the 40 level. However, if the Bitcoin price move towards the upper boundary of the channel, the bullish influence may increase and gains gained more.

BTCUSD – 4-hour chart

However, in case the current candle does not move higher, Bitcoin price could slide to the support level of $36,000 and below. Furthermore, the bulls may need to hold the coin above the $38,000 resistance level to break potential resistance at $40,000 and above.

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About the author

Archu

I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

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