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- 1 Bitcoin Price Prediction suggests that the cryptocurrency is in a consolidation phase.
- 2 BTC price fell by 40% within the last 7 days.
The Bitcoin price prediction indicates that the price has reached its nearest resistance level in the daily timeframe. It is moving within a parallel consolidation channel near the previous rejection zone making a flag and pole pattern. The present price action indicates that there is a struggle going on between the buyers and sellers in order to gain control over the price performance.
According to the price action, the Bitcoin price can give a breakout in either a bullish or bearish direction though as the price has diverged from the key EMA levels a slight correction might be more probable. The Oscillators are moving near the overbought levels and may soon reach the neutral zone.
Bitcoin is a decentralized currency based on cryptography, because of which it can operate without the need for a central authority like a central bank or a company. It was launched in 2009 by Satoshi Nakamoto with the idea of a peer-to-peer cash system.
The present value of Bitcoin is $30,503 with a fall of 0.57% of its market capitalization during the day trading session. Trading volume has declined by 18.17% during the intraday trading session. This demonstrates that sellers are trying to regain their footing in the market.
The buyers are hesitating to support the price further as it is trading near its previous resistance level. The sellers may grasp this opportunity to enter the price action. Historical price action suggests that the price has been making lower highs and lower lows hence there is a possibility that bulls may push the price to a new high.
Bitcoin Price Prediction: Technical Indicators
According to Bitcoin price prediction, there is a need for prominence between buyers and sellers. The price of Bitcoin is forming a short consolidation near the supply zone. Investors may prefer to wait on the sidelines before a breakout is made which may help in deciding the direction of the future trend.
The current RSI value of Bitcoin is 66.13 points giving a negative crossover to 14 SMA. The 14 SMA is providing resistance to it near 66.98 points.
The % K and %D lines are reversing near the overbought level. The current value of the stochastic RSI is 73.05 points. The stochastic RSI is moving near the supply level
Conclusion
According to the analysis, price prediction for Bitcoin the Bitcoin crypto is preparing to make a breakout. The breakout can be either positive or negative however as the oscillators are moving near the overbought zone and the price is around its previous resistance zone which increases the probability of a bearish move.
Technical Levels:
Support -$26,000
Resistance – $32,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
