Bitcoin Price Prediction January 3

BTC's price prediction for today shows that it is trading below the moving averages, with the coin touching $46,276 support.

BTC/USD Long-term Trend Bearish (Daily chart)

These are the key levels

Resistance Levels: $50,000, $52,000, $54,000

Support Levels: $43,500, $41,500, $39,500

BTC/USD currently faces a setback that could prove to be permanent. In the short-term, the king coin will likely experience a bearish run but a price rally could help it head south. The red line of BTC/USD's 9-day moving mean is crossing below that of the 21-day moving mean. Bitcoin (BTC), currently trading at $46,573, after a free fall of $47,299 during Europe's session. The coin has also shown extreme volatility in the last few days.

Bitcoin Price Prediction: Bitcoin price prediction: Bitcoin (BTC), may fall below the moving averages

The daily chart shows that the Bitcoin price is currently falling below its 9-day and 21 day moving averages. The king coin will likely face a downward trend if the price falls below $46,000. Further bearish movements could place the supports at $43,500 and $41,500. This would allow for BTC to fall further.

The technical indicator Relative strength Index (14) will likely cross below the 40-level, as the trading volume could be in favor of the bears. BTC/USD could also cross the upper border of the channel to locate resistance levels at $52,000, $54,000, and $50,000 if bulls decide to move price higher than the 9-day and the 21-day moving averages.

Medium-Term Trend in BTC/USD Bearish (4H Chart).

The 4-hour chart shows that Bitcoin prices remain below the 9-day & 21-day moving averages. Support is expected to be at $45,500. If the bears completely retreated from the market, the price could fall below this level.

A further bearish move could test the critical support at $45,000 and below, while resistance is located above and beyond the moving averages at $48,000 and higher. Bitcoin is technically moving to the negative as the technical indicator Relative Strength Index (14) will likely cross below 40-level.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Bears Could Demolish $46,000 Support
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-bears-could-demolish-46000-support
Published Date: Mon, 03 Jan 2022 19:19:58 +0000