- Bitcoin price prediction has gone haywire after multiple rejections from $11,600
- Bulls have been unable to muster up liquidity and volume to break $11,600 resistance
- 50-day SMA is now above the 100-day SMA signalling waning bull strength
- Any weekend abrupt price move can do severe damage to Bitcoin price
Bitcoin price prediction – BTC moving in a bearish wedge pattern
The last week saw Bitcoin price jump above $11,500 on the back of strong fundamentals and bullish buying. As the price crossed 100-day SMA, the BTC/USD pair quickly rose to prominence and touched $11,700 within a span of one week. After a few days of horizontal movement, the Bitcoin price is now firmly rejected by crucial resistance at $11,550.
The price hovers around $11,350, and it seems that bulls have given up the fight as is evident from low volume and liquidity. A bearish pattern has emerged on the hourly charts since the larger timeframe 100-day SMA has now gone below the 50-day SMA. In case the bears take over, Bitcoin price prediction can turn lower towards $10,850 support level.
Earlier, the price range between $10,800 to $10,600 has supported the pair well. Bulls and institutional demand remains high in this range. A severe blow by the bears can also take the price further lower towards $9,700 where 200-day SMA awaits the pair.
Bitcoin price movement in last 4-hours – Bulls holding on to minor gains
Bitcoin price currently trades around $10,350 mark. Bitcoin price prediction remains stuck in a tight range between $11,550 and $11,200. Whales have turned bearish as huge BTC are being dumped at higher levels. This may be due to profit-booking by BTC whales.
So, can the bulls come to the rescue? Speaking of the hourly timeframe, the bulls have to maintain the pressure to break beyond $11,600 resistance. Further ahead, there’s moderate resistance to stop the price from moving towards the all-important $12,000 resistance mark. On the hourly front, the bulls must close the day above $11,350 to maintain upward momentum for the Bitcoin price prediction.
BTC/USD 4-hour chart – All eyes on $10,825 support line
The support levels must be watched with utmost interest in the next few hours. The bears would have to bring the price under $10,825 level to make a substantial dent over the weekend. To achieve this, the 50-day SMA must be crossed, and from there, the price can quickly move under $10,500. If bulls can act strongly on these two walls, the selling pressure will fizzle out in a few hours turning Bitcoin price prediction positive.
Smaller hourly timeframes paint a bullish Bitcoin price prediction. Here, the charts are oversold, and $11,200 support is giving crucial support to the BTC/USD pair. The reflex recovery is so far holding well for the crypto king. The bulls must treat $11,000 as a crucial support level in the 4-hour chart.
On the technical side, the RSI is slightly oversold but still has room to go further. Continued bearish action can bring RSI in the negative fold, and price can quickly rebound to $11,500 highs in the next few sessions. However, if the wedge pattern persists longer on the hourly charts, it can spell more selling pressure. The 50-day SMA is doing a good job of absorbing excess bearish moves.
Bitcoin price prediction – BTC/USD pair again stuck in a bearish range
The symmetrical triangle pattern has started to emerge again on the BTC/USD charts. In case bulls are not able to break above $11,600 range, the pattern will materialize, and bears will be in full charge. The bearish divergence remains strong at $11,600 where selling can re-emerge in a false bullish move.
The RSI indicator is forming lower highs reflecting the declining strength of the buyers. Any loss in sustained buying at lower price levels can wreak havoc for the bulls over the weekend. Meanwhile, MACD is also turning stagnant while the moving averages are in a horizontal direction.
Disclaimer – The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.