BTC/USD Ready for Another Leg Higher Above $16,500


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The Bitcoin price prediction shows that BTC is having a bullish day as the king coin moves to cross above the moving averages.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,480
Bitcoin market cap – $316.49 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $20,000, $22,000, $24,000

Support Levels: $13,000, $11,000, $9,000

BTC/USD bulls are trying to push the coin above the resistance level of $16,500 as the pair could start a decent increase if it clears the $16,500 resistance zone. However, the Bitcoin price could move with strong bullish momentum after a sustainable break above an important resistance level.

Bitcoin Price Prediction: Bitcoin (BTC) Would Move to the Upside

According to the daily chart, the technical indicator Relative Strength Index (14) is crossing above the 40-level as the bulls appear to push the Bitcoin price toward the upper boundary of the channel. Moreover, the Bitcoin price seems to be struggling around the 9-day and 21-day moving averages, suggesting that BTC/USD could retreat a little bit, before attempting to break higher again.

On the upside, the Bitcoin price is forming a base and might soon rise above the $16,500 resistance zone. A daily close above this could lift the price to the resistance levels of $20,000, $22,000, and $24,000. On the contrary, Bitcoin could retreat and move towards the lower boundary of the channel as the king coin is changing hands at $16,480. However, if it slides and remains below the 9-day moving average, the critical supports could be found at $13,000, $11,000, and $9,000 respectively.

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

According to the 4-hour chart, BTC/USD is currently trading above the 9-day and 21-day moving averages as crossing above the upper boundary of the channel could hit the resistance level of $17,500 and above. But the Bitcoin market is likely to continue moving sideways if it moves in the same direction.

BTCUSD – 4-Hour Chart

The Relative Strength Index (14) shows that the BTC price may cross into the upside as the signal line moves to cross above the 60-level. On the contrary, if the coin slide below the 9-day and 21-day moving averages; the support level of $15,700 and below may be located.

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