Bitcoin Price Prediction January 2

The Bitcoin price prediction for today shows BTC falling over 1.34% following today's trade of $47,733.

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

These are the key levels

Resistance Levels: $53,000 to $55,000 and $57,000 to $57,000

Support Levels: $42,500, $40,500, $38,500

The daily chart shows that BTC/USD has not broken above the 9-day and 21 day moving averages. The Bitcoin (BTC), however, begins the day below the $47,000 channel level. The first support level is at $46,000. Other support levels include $42,500, $40,000.500 and $38,500.

Bitcoin Price Prediction: Bitcoin price prediction: Bitcoin (BTC), may continue to range-bound

The daily chart shows that the Bitcoin price is not trading above $48,000, and it appears to be setting up another few days below $47,000 of negative price falls. The red-line on the 9-day moving mean is likely to cross the green-line on the 21-day moving mean, which could lead to the king coin heading south. A break above the moving averages would have seen the first digital asset move above the upper border of the channel.

Traders can see that Bitcoin does not break apart as the technical indicator Relative strength (14) is likely below 40-level. The current candle has yet to close, but it is possible that bulls will end up closing higher than it. The market price could fall if the technical indicator drops below 40. However, a positive move upward could find resistance levels at $53,000 and $55,000 respectively.

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

The 4-hour chart shows that the bears will likely return to the market if they cannot defend $47,000. If the market environment becomes more bearish, however, the $46,000 or below could be in play.

If buyers take over the current movement and push the price above the 9-day or 21-day moving averages traders could expect to retest $48,000 resistance level. Breaking this level could allow bulls to reach the resistance level at $49,000 and beyond. The market is likely to continue moving sideways as the Relative Strength Index (14) signal lines are moving in the same direction.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Fails to Push Above $48,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-fails-to-push-above-48000
Published Date: Sun, 02 Jan 2022 15:50:17 +0000