Predictions for the Bitcoin price for the 12th of February
In the wake of the loss of an important trend line that had been supporting the cryptocurrency’s upward trend, the Bitcoin price has fallen back below $43,000.
The Long-term Trend for Bitcoin/dollar Is Bearish (Daily Chart)
Levels of importance:
Levels of resistance: $48,500, $50,500, and $52,500
Support levels are as follows: $38,000, $36,000, and $34,000
Bitcoin/USD is in the midst of another decline after losing momentum above the $44,000 mark. The cryptocurrency has now fallen below the 9-day moving average. At the time of writing, Bitcoin’s price is trading below the $43,000 resistance level. In any case, bulls are having difficulty breaking through resistance above $45,000, as bears are now pushing the price per coin back down to retest support at lower levels.
Bitcoin Price Prediction: Will Bitcoin Continue to Decline?
However, despite the possibility of the price falling below the 9-day moving average, this does not necessarily imply the beginning of a downtrend or the end of the larger bull market immediately. A sharper uptrend line may be drawn at some point in the future for Bitcoin’s price, and even though the 9-day moving average is still above the 21-day moving average, no significant downside has ever occurred.
If the bulls are able to push the coin back above its upper boundary, it may be able to break through to the first level of resistance, which could be found at $45,000. In order for the upside to gain traction, a sustained move above $46,000 is required, with the next significant resistance likely to be found at $48,500.
Continued resistance levels could be found around $48,500, $50,500, and $52,500, while the critical supports could be found at $38,000, $36,000, and $34,000 as the technical indicator Relative Strength Index (14) moves closer to crossing below the 50-point mark.
Bonuses from Cloudbet
The Bitcoin to Us Dollar Exchange Rate Is Fluctuating in the Medium Term (4h Chart)
According to the 4-hour chart, the bears are re-entering the market as the 9-day moving average crosses below the 21-day moving average. The coin’s value plummets to as low as $42,216 when it breaches this critical resistance level.
Meanwhile, the bears could gain the upper hand over the bulls if the king coin does not regain $45,000 within a short period of time, and the Bitcoin to US dollar exchange rate could fall dramatically.
BTCUSD Chart for the next 4 hours
However, if the negative trend continues, the support level of $41,000 and lower may become the new low. Meanwhile, as the technical indicator Relative Strength Index (14) falls below the 45-level, additional bearish signals may be generated, which may cause the price to go below the lower border of the trading channel.
A bullish cross over the moving averages, on the other hand, may push the price up to the resistance level of $44,000 and beyond.
- The FBI Arrested a New York Couple and Seized $3.6 Billion in Stolen Cryptocurrencies |
- How the FBI Discovered $3.6 Billion in Stolen Bitcoins
- Two People Have Been Arrested in Connection With an Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency.