Bitcoin Price Prediction: BTC/USD Market Consolidates Closely Below $50,000 Value
Bitcoin Price Prediction – February 14
The BTC/USD market book of records has had it that the crypto-trade now consolidates very near the resistance level of $50,000 after a successful breakout of former $40,000 resistance trading line recently.
BTC/USD Market
Key Levels:
Resistance levels: $50,000, $55,000, $60,000,
Support levels: $40,000, $35,000, $30,000
BTC/USD – Daily Chart
There has been a featuring of bullish candlesticks along the path of the bullish-trend line since the January 28 trading session. On Feb 8, a big bullish candlestick occurred to break out resistance around the value of $40,000. The 50-day SMA trend-line is underneath the 14-day SMA’s. They both point towards the north direction below the current trading zone of the crypto-trade. That shows that bulls are still in control of the market to some extent. Over a couple of transaction days, price levels of between $45,000 and $50,000 have been witnessing series of short-ups and short-downs. The Stochastic Oscillators are dipped into the overbought region to consolidate within it. That also signifies that the BTC/USD bulls are yet not giving any a safe grand to bears’ reliable pressures at this moment of writing.
What direction could the BTC/USD market-value move next?
Taking the BTC/USD market’s present trading cycle into consideration, bears’ stands in this crypto-economy are potentially bound to be overwhelmed by bulls’ capacity. Bulls may likely relax their pushing-power efforts to allow other correctional moves around the levels of $45,000 and $40,000 or $35,000 in extension. However, the $45,000 price level is expected to be the support where a spike could occur to give a further clear-cut of the bullish trend continuation moves.
On the downside, a fake breakout of the immediate $50,000 resistance value could cause small sell-offs by traders. But, the most advantage of that may not last beyond support around the $35,000 point in the long run. That said, a volatile price move is necessary to take place before a decent next market direction could obtain. In the meantime, crypto’s price may continue to trade around the $45,000 and $50,000 lines for a while.
BTC/USD 4-hour Chart
The 4hour-chart shows that there has been a line of lower highs around $45,000 and $47,500 levels after a significant increase in the BTC/USD market-worth from around a low of $37,500 mark. Price has tightly seen trading along with the 14-day SMA’s trend-line. Now, the SMA indicator is a bit bent to the east to suggest an ongoing price consolidation move in the crypto-trade. Both the 50-day SMA trend-line and the bullish-trend-line have placed a bit over the $42,500 level. That point will be serving as the key support line that the BTC/USD bears may be having it difficult to breakdown even if bulls eventually relax pressures to push away northward above $47,500 in a near trading session. The Stochastic Oscillators have slightly bent southward to find a location at range 40. Seemingly, they now attempt to cross the hairs around the range mark. That signals that more ups are potentially in the offing.
