Bitcoin Price Prediction – January 18
The Bitcoin price prediction shows that BTC continues to drop below the moving averages and on top of critical support level of $41,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $46,500, $48,500, $50,500
Support Levels: $37,500, $35,500, $33,500
BTC/USD today touches the daily high of $42,456.41 before heading to the downside. During this period, the Bitcoin price is now facing down with 1.40% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength Index (14) moves below 40-level, shifting focus from the upside.
Bitcoin Price Prediction: BTC Ready to Push Lower?
Looking at the daily chart, the critical support at $41,000 may be tested to the downside as the Bitcoin price prepares for more downtrends. However, failure of the noted resistance could see the Bitcoin price staying below the 9-day and 21-day moving averages. More so, this current area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $37,500, $35,500, and $33,500 may come into focus.
BTC/USD recovers from the low of $41,287 to where it is currently trading now but the resistance at $42,000 still stands in the way of movements to $45,000. In the meantime, Bitcoin is trading at $41,625 amid a building bullish momentum as the king coin is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $45,000 in other to resume its upward movement towards $46,500, $48,500, and $50,500 resistance levels.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. The Bitcoin price is hovering around $41,750 and may take time to persistently trade above $42,000. However, the upward movement may likely touch the $43,000 and $45,000 resistance levels if the bulls regroup again.
Meanwhile, on the downside, the price could fall below the lower boundary of the channel if the bears put more pressure on the market; therefore, a further bearish movement could test the critical support at the $40,500 level and below. In addition, the Relative Strength Index (14) moves below 40-level, indicating a bearish movement.