BTC/USD could retrace above $38,000

Bitcoin Price Forecast – February 22

Bitcoin price rebounds from the initial drop at $36,350 as buying interest may pick up as it approaches $39,000.

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

Key Levels:

Resistance Levels: $43,000, $45,000, $47,000

Support Levels: $32,000, $30,000, $28,000

BTCUSD – Daily Chart

The BTC/USD pair is bearish as the market establishes a crossover above $37,000 but is currently rebounding to retest previous resistance at $38,000. Buyers may continue to look for some resistance levels en route to the upper boundary of the channel, and the path of least resistance appears on the upside in the short term amid a favorable bullish technical setup.

Bitcoin Price Forecast: BTC Price May Recover $40,000 Resistance

In the past few hours, after Bitcoin price hit the daily low of $36,350, the king coin is now facing the $38,000 resistance level and is hoping to reclaim the $40,000 resistance level. However, the daily chart reveals that if the 9-day moving average breaks above the 21-day moving average, it will confirm the next direction the coin will go.

At the time of writing, the Relative Strength Index (14) technical indicator can likely cross above the 40 level to indicate a bullish move. So, if Bitcoin price breaks above the 9-day and 21-day moving averages, it could reach the $43,000, $45,000, and $47,000 resistance levels, but any move towards the lower boundary of the channel could hit the $47,000 resistance levels. supports at $32,000, $30,000, and $28,000.

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

According to the 4-hour chart, Bitcoin price is seen falling below the 9-day and 21-day moving averages as the Relative Strength Index technical indicator moves below the 40 level. From above, if the price of the Bitcoin moves above the 9-day and 21-day moving averages, bullish influence could increase and gains accumulated massively.

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BTCUSD – 4-hour chart

However, the current candle may not break the moving averages, and the ultimate target remains at $35,000 and below, but the best bulls can do is hold above the $38,000 resistance level and keep their attention on breaking. potential resistance at $40,000. and above.

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