More

    Bitcoin Price Prediction: BTC/USD May be Limited below $39,500 Level



    Bitcoin Price Prediction – January 26

    The Bitcoin price prediction could stop short of $39,500 as this level may be guarded by strong technical barriers.

    BTC/USD Long-term Trend: Bearish (Daily Chart)

    Key levels:

    Resistance Levels: $42,500, $44,500, $46,500

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

    BTC/USD surges and moves close to the resistance level of $39,000 but fails to break both the 9-day moving average and $39,000 resistance. The first digital asset is currently gaining about 1.84% since the past few hours and could stay unchanged before the end of today’s trading. Meanwhile, BTC/USD is changing hands at $37,659.26. The coin remains in the hands of the bulls but need to rise above $39,000 to escape the danger zone. Therefore, if the bulls could successfully push the price above the moving averages, the next resistance levels may be found at $42,500, $44,500, and $46,500.

    Bitcoin Price Prediction: What Could be the Next Direction for BTC?

    At the time of writing, the Bitcoin price recent stability above $35,000 is likely to be a key ingredient to the surge that could occur in the next positive move. However, the bulls may be put on a test with BTC/USD moving back to the resistance level of $38,000 where the price crosses above some few hours ago. For now, BTC/USD is trading at $37,659 while pushing for gains towards the short-term resistance at $38,000.

    On the downside, the critical support is created at psychological $36,000. Meanwhile, the price could move towards the lower boundary of the channel and may cross below the trend-line. Once this is done, the sell-off is likely to gain traction with the next focus on $36,000 and $34,000. However, any further low drive could send the price to the supports at $32,000, $30,000, and $28,000.

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

    According to the 4-hour chart, the Bitcoin price is retreating below the 9-day moving average to reach where it currently trades at $36,798. However, the closest support level lies at $35, 000 and below, while crossing above the upper boundary of the channel could hit the nearest resistance level at $39,500 and above.

    Moreover, as the coin slides to the downside, the technical indicator is crossing below 50-level, flashing sell signals, which indicates a bearish movement.

    Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

    68% of retail investor accounts lose money when trading CFDs with this provider

    Read more:

    %post_title%

    Source

    Stay in the Loop

    Get the montlhy email from Biz Builder Mike that makes reading the news actually enjoyable.
    Join our mailing list Stay in the loop and stay informed and it's FREE

    Latest stories

    - Advertisement - spot_img

    You might also like...