Bitcoin Price Predictions - January 31

Bitcoin's price prediction will likely remain below the 9-day MA, particularly if the pennant support is broken.

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

These are the key levels

Resistance Levels: $42,000 - $44,000 - $46,000

Support Levels: $34,000, $32,000, $30,000

The BTC/USD hovers around $37,344. After trading at $37,904, the Bitcoin price has fallen below its 9-day moving mean to touch $36,640 for the daily low. The path of least resistance remains downwards as it stands right now. A look at the daily chart reveals the formation of a bearish pennant.

Bitcoin Price Prediction: Where will BTC price go next?

The daily chart shows that the technical indicator Relative Strength Index (14) indicates that Bitcoin's price is not on the decline. The Relative Strength Index (14) has moved to the south despite hitting $38,000 a few days ago. This could indicate that the bears have still plenty of room to explore. The coin could continue to trend down if it remains below the 21-day and 9-day moving averages.

The upside is that a recovery might not happen sooner but the support must be sorted far above the moving averages. A sustainable move above this barrier could see the resistance level at $38,500. This would negate the bearish scenario, which could allow for a prolonged recovery to the resistance levels of $44,000, $44,000 and $46,000. An increase in the selling pressure could push the Bitcoin price towards the support levels at $34,000, $32,000 and $30,000.

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

The 4-hour chart shows that the Bitcoin price hovers above the 9-day and 21 day moving averages. The market has resumed its upward momentum and BTC/USD has escaped the $36,000 support. If price rises above $38,000, the king coin will likely return to the bull markets. The $40,000 level and higher is where you will find greater resistance.

If the pennant support collapses, however, $37,500 might not be able hold the support as Relative Strength Index (14) rises above 50-level. If the price drops below the moving averages, it is possible for the coin to plummet to $36,000 or lower.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD May Extend the Downside Correction to $35,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-may-extend-the-downside-correction-to-35000
Published Date: Mon, 31 Jan 2022 17:02:13 +0000