Bitcoin Could Plummet to $17600 Soon.
Chukwuemeka Nwaru
Content Specialist|Crypto Content Writer|Crypto Price Prediction Analyst
Bitcoin (BTC) has a good future ahead of it, but the present trend shows that the bearish trend could continue further. At the time of writing, BTC is trading at $19822.93 which represents a 24-hour price increase of 0.27%. It has dipped by 15.1% in the past 30 days. The 24-hour trading volume of BTC is $30.16 billion which represents a 24-hour decrease of 3.7%.
Technical Analysis of BTC from 1-Day Chart
From the chart above, we can see that the relative strength index value of Bitcoin (BTC is within the 30 and 50 RSI values. It is presently at 42.27 which indicates a neutral trend. Also, since the yellow line is above the blue line on the BTC RSI chart, the bearish trend in the past few weeks could continue. The MACD shows that the seems to be consolidating but could go bearish since the blue curve is on a dip and is almost crossing the red line, which shows that there could be higher selling pressure soon.
Bitcoin (BTC) Price Prediction
From the Bitcoin (BTC) 1day chart above, we can see that BTC is on a downtrend. The price of BTC reversed when it touched the downtrend line at $22220 resistance1 level and even trade higher to $36225 at resistance5 level. It has sustained the bearish reversal for some days. This trend could continue until it hit the $18927 support level. There might be a bullish run in this region if investors apply buying pressure due to the formation of a double bottom.
However, any price action at the support level that leads to a breakout below this region, could male BTC to trade below $17600 soon according to its history December 2020.
Conclusion
A bullish breakout above the present psychological resistances will see Bitcoin (BTC) trade between $22220 and $36225.
On the other hand, if the crypto moves along with the present market, the price of BTC will plummet between $18927 and even lower to $17600.
Resistance Levels: $22220 and $36225
Support Levels: $18927 and $17600.