Bitcoin Price Prediction: BTC May Be Gearing Up for a Strong Move, Will It Break Down or Break Out?
The
#Bitcoin price has traded sideways for the past 24 hours between $62,300 and $64,878. A symmetrical triangle has also formed on the leading crypto’s charts, which suggests BTC may enter into a strong move soon. Should the Bitcoin price break out towards the upside, it may attempt to flip the $64,878 resistance into support. A 4-hour candle close above this threshold in the coming 12 hours could give the crypto king the foundation needed to rise to the subsequent resistance level at $68,372 in the following 24-48 hours.
On the other hand, a strong move down could put
$BTC at risk of testing the immediate support level at $62,300. Continued sell pressure at this point could then push the Bitcoin price down to as low as $60,400 in the short term.
Technical indicators on BTC’s 4-hour chart suggest the
#BTC price may rise in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish. These technical indicators are also on the verge of triggering major bullish technical flags.
The MACD line is rising towards the MACD Signal line. An intersection between these two technical indicators may signal that the Bitcoin price has entered into a positive cycle. In addition to this, the RSI is looking to cross above the Simple Moving Average (SMA) line. The prior breaking away above the latter could be seen as an indicator that buyers have gained the upper hand against sellers. As a result, it could be easier for bulls to push BTC higher in the coming 24 hours than it will be for sellers to pull it down during the same period.
#BTCUSDT #BTCUSDTAnalysis The full analysis and trade strategy was originally posted on ecoinimist.com.