Bitcoin (BTC): Trend analysis and medium/long term prediction, here’s how the Bears could demolish the $34,000 support.

BTC/USD Long Term Trend: Variation (Daily Chart)

Resistance levels: $40,000, $44,000, $46,000.

Support levels: $30,000, $28,000, $26,000.

BTCUSD – Daily Chart

BTC/USD continues to face a pullback that could be permanent. The Royal Mint is likely to have an additional bearish run, but a rally in price could help the coin head south as the red line of the 9-day moving average remains below the green line of the moving average at 21 days. Currently, bitcoin (BTC) is trading around the $34,619 level after plummeting from $35,499 during Europe.

Bitcoin Price Prediction: Bitcoin (BTC) Could Remain Below Moving Averages

Looking at the daily chart, bitcoin price is currently nose dipping below the lower channel boundary. Should the price break below the $34,000 support level, the centerpiece is likely to face a downtrend. However, a continuation of the bearish move could locate the supports at $30,000, $28,000, and $26,000, which would allow BTC to fall even further.

Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross the oversold region as the trading volume could be in favor of the bears. Additionally, if the bulls decide to push the price above the 9-day and 21-day moving averages, BTC/USD could head towards the upper boundary of the channel to locate the resistance levels at $40,000, 42 $000 and $44,000.

Read also Bitcoin Price Prediction: Here’s Why BTC’s Value Could Hit $100,000 in Just One Year!

BTC/USD Medium Term Trend: Bearish (4H chart)

On the 4-hour chart, bitcoin price remains below the 9-day and 21-day moving averages and immediate support is likely to come at the $34,500 level. The price could likely fall below this level if the bears continue to dominate the market.

BTCUSD – 4 Hour Chart

However, further bearish movement could hit the critical support at the $32,000 level and below, while resistance is located above the moving averages at the $37,000 resistance level and above. Meanwhile, bitcoin price is currently moving on the positive side as the Relative Strength Index (14) technical indicator is likely to exit the oversold region.

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