BTC/USD Creates a New Low Below $38,000

Bitcoin Price Forecast – February 21

Bitcoin price is currently down 1.75% after hitting the daily high of $39,506 as it is now moving towards the $37,000 support.

BTC/USD Long Term Trend: Bearish (Daily Chart)

Key Levels:

Resistance levels: $44,000, $46,000, $48,000

Support Levels: $33,000, $31,000, $29,000

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD has failed to break above the previous $38,000 resistance level with the current consolidation pattern as Bitcoin price does not break through the 9-day and 21-day moving averages. The king coin could likely see another sharp drop towards the lower boundary of the channel. However, the red line of the 9-day MA is crossing below the green line of the 21-day MA as the Relative Strength Index (14) falls.

Bitcoin Price Forecast: Bitcoin (BTC) Ready for Serious Downtrends

The daily chart reveals that Bitcoin price refuses to stay above the $38,000 resistance level as the king coin prepares for a few more days of bearish movement. Therefore, the first support level may be located at $35,000. Below that, other supports are at $33,000, $31,000, and $29,000.

At the time of writing, Bitcoin price is dropping south as the king coin hits the new daily low of $37,215 but the candle is yet to close, however it seems unlikely that the bulls will end. closing above $38,000. level. On the contrary, if buyers decide to push the coin above the upper boundary of the channel, potential resistance levels could be located at $44,000, $46,000, and $48,000.

BTC/USD Medium Term Trend: Bearish (4H Chart)

The 4-hour chart shows that Bitcoin bears are now dominating the market, pushing the price towards the $37,000 support level. Although Bitcoin price has not yet dropped below $37,500 at the time of writing, it is still in the process of rallying.

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BTCUSD – 4-hour chart

Currently, Bitcoin price is likely to cross below the lower boundary of the channel, but the upward move could locate the closest resistance at $40,000 and above. Therefore, any further bearish moves could hit the support at $36,000 and below. The Relative Strength Index (14) technical indicator is likely to revisit the oversold region when the signal line faces down.

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