BTC Bears Could Demolish $23,000 Support as Tamadoge Corrects Upward
The Bitcoin price prediction shows that BTC Bears are trading below the moving averages as the coin touches $23,180 support.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $23,375
Bitcoin market cap – $445.5 billion
Bitcoin circulating supply – 19.1 million
Bitcoin total supply – 19.1 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $30,000, $32,000 $34,000
Support Levels: $18,000, $16,000, $14,000
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BTC/USD continues to face a setback that could be a permanent one. The king coin is likely to have an additional bearish run but a price rally may help the coin to head to the south as the red line of the 9-day moving average could go below the green line of the 21-day moving average. Currently, Bitcoin (BTC) is trading around the $23,375 level after a free fall from $24,448 during the European.
Bitcoin (BTC) May Stay Below the Moving Averages While Tamadoge (TAMA) Increases
The Bitcoin price is currently nose-diving below the 9-day and 21-day moving averages. If the price should slump below the support level of $23,000, the king coin is likely to face a downward trend. However, the further bearish movement could locate the supports at $18,000, $16,000, and $14,000, making room for BTC to fall even further.
However, the technical indicator Relative Strength Index (14) is likely to cross below the 50-level as the trading volume could be in support of the bears. Moreover, if bulls decide to move the price above the upper boundary of the channel, BTC/USD may move towards the resistance levels of $30,000, $32,000, and $34,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-Hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages and the immediate support is likely to come at the $23,000 level. The price may likely fall below this level if the bears continue to dominate the market.
However, a further bearish movement could hit the critical support at the $22,500 level and below while the resistance is located above the moving averages at $24,500 and above. Meanwhile, the Bitcoin price is currently moving on the positive side as the technical indicator Relative Strength Index (14) is likely to cross above the 40-level.
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