Bitcoin Price Prediction – January 17
The Bitcoin price prediction breaks below $42,000 support as bearish sentiment kicks into full speed within the market.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $47,000, $49,500, $51,500
Support Levels: $38,500, $36,500, $34,500
BTC/USD is bearish as the market spikes below $42,000 level over the past hours and rejects further upside as of now. The Bitcoin price is seen dropping with a total loss of 2.27% since the beginning of the European session. Moreover, the first digital asset may continue to fall in other to touch the $41,000 support level. However, the daily chart reveals that $40,000 is a very important area as it could provide strong support for the market.
Bitcoin Price Prediction: Bitcoin Price May Create Lower Lows
The Bitcoin price is currently trading below the 9-day and 21-day moving averages; however, a break above the upper boundary of the channel could cause the king coin to head towards the $44,000 level. However, BTC/USD is currently in a critical position with the next few days dictating the direction that it will head over. Meanwhile, a drop beneath $40,000 could be detrimental to Bitcoin as it could lead the first digital asset towards the support levels of $38,500, $36,500, and $34,500.
Moreover, if the buyers make a quick turn from the current level to cross above the channel, the first level of resistance may be located at $43,000. Above this, further resistance is expected at $45,000. This may likely follow by the potential resistance at $47,500, $49,500, and $51,500 levels. Now, the Relative Strength Index (14) is facing the south, indicating additional bearish signals.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is sliding below the 9-day and 21-day moving averages. The coin is now hovering at $42,156 with sellers forcing its price down towards the lower boundary of the channel. Moreover, if the Bitcoin price rebound and push the market price back above the moving averages, the first digital asset may hit the resistance at $43,500 and above.
However, it now appears that the king coin is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $42,000 support seem to indicate that bears are building momentum. Now, the Relative Strength Index (14) moves to cross below 40-level and the coin may locate the critical support at $41,000 and below.
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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-finally-drops-below-42000
