Bitcoin Price Prediction: Imminent Drop Below Critical Support Levels – Are You Prepared?

This #Bitcoin price prediction comes as the $BTC USD trading pair continues to capture market attention. 4-hour closing prices throughout the past day of trading indicate a steady but slight downward trend.

Bitcoin is currently flirting with critical resistance levels. The key levels to watch include $70,960.89, $70,977.27, and $71,280.01 on the resistance side, while support levels are at $69,582.18, $69,477.67, and $69,285.99. Should Bitcoin break above the $70,977.27 resistance, the next significant challenge will be $71,280.01. However, failure to maintain current levels could see BTC testing the support at $69,582.18.

Examining the Exponential Moving Averages (EMAs), the 9 EMA values have consistently stayed above the 20 EMA, indicating a bullish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) values further support this sentiment. They do, however, showing signs of weakening bullish momentum. 

This coincides with the decreasing histogram values as well. What’s more, the Relative Strength Index (RSI) values indicate that Bitcoin is nearing overbought territory, warranting caution. #BTC☀️ #BullorBear #Bitcoin❗️
The full analysis and trade strategy were originally posted on ecoinimist.com.