Bitcoin (BTC) Price Prediction – February 23
BTC/USD pair continues its consolidation above $9,500. In the last five days, the price movement has been insignificant as the $9,800 resistance remains intact. In the meantime, BTC ranges below the support line of the ascending channel.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key Levels:
Resistance Levels: $10,000, $11,000, $12000
Support Levels: $7000, $6000, $5000
After the recent breakdown, the price begins to fluctuate above $9,500. For the past five days, BTC is yet to reach the $9,800 resistance. This is a critical resistance where the breaking of the price level will compel Bitcoin to rally above $10,400. In the same manner, if the momentum is sustained, the price will reach above $11,000. Bitcoin will continue its consolidation if the bulls fail to break above $9,800 resistance.
Another issue to note is that BTC is consolidating outside the ascending channel which is improper. For an uptrend to be in a proper perspective, the price will rise into the ascending channel and continue its upward movement. Bitcoin is trading at level 51 of the Relative Strength Index period 14. This implies that BTC is in the uptrend zone and that BTC will rise. The RSI is also above the centerline 50.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, BTC is ranging between $9,400 and $9,800 price levels. The price is consolidating in between the price range. Meanwhile, the coin upward move is being hindered by the resistance of the 12-day EMA. Nonetheless, BTC is above 60% range of daily stochastic. This indicates that the coin is in bullish momentum.
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