[Bitcoin price prediction] BTC to 3900 USD, analyst
The Bitcoin price forecast is expected to rise to $39,000.
Strong resistance is at the 38,500 USD mark.
Strong support is located at the $34,500 mark.
The Bitcoin market has been on a downward trend recently, and the chart shows the high risk that the king of cryptocurrencies continues to be bearish. The price of Bitcoin has been volatile and is at a high resistance level.
The trend has been fluctuating between US$38.000 and US$40.000. Currently, its combined price exceeds US$36.000. BTC is in a short-term bearish zone. The price of BTC has a major support area near 35.600. A strong contraction triangle is formed near 35.550 USD.
Bitcoin price chart in transaction view
At the time of writing, the price of Bitcoin was $34,838, and its current market capitalization was $655.017 billion. The trading volume is 56.02 billion, and the price of the king of cryptocurrencies has fallen by more than 2.19% in the past 24 hours, but the Bitcoin price forecast seems promising.
In the past week, the price of BTC has soared above the resistance level of $38,000. The price reached the resistance level of $40.000, but could no longer soar higher. According to records, the price fell, and BTC even fell below the level of 36,000 US dollars, and formed a new low price level of 34,319 US dollars.
At the moment, the market sentiment for Bitcoin is bearish. Of the 28 indicators, 13 issued a buy signal, nine issued a neutral signal, and six issued a sell signal. Of the 11 oscillators in total, 8 are in a neutral state, two are in a sell state, and one is in a buy state. There is only one neutral moving average indicator, while 11 moving averages give buy indicators and five give sell indicators.
Bitcoin price prediction: what will happen?
Analyst Ashan explained in his Bitcoin price prediction that the continued bullish behavior in the Bitcoin market movement is imminent. However, there is a strong resistance that is pushing prices into a downward trend. The prominent head and shoulders pattern can push the price into an unpredictable bullish trend. The surge in bear market behavior indicates that BTC will become the main decision-making area in the next few hours.
Ashan's Bitcoin price prediction chart
If the Bitcoin price can successfully complete the reverse transaction, then the BTC price is likely to reach the $3,900 mark, and the continued bearish behavior will make the Bitcoin price continue to rise for a period of time.
If the price of Bitcoin falls below the $35.000 level, the decelerating price pattern may continue. The main resistance is at the $38.600 level. Bitcoin exhibits interesting price fluctuations and appears to be clustering with other currencies such as Ethereum as they continue to climb the chart, while Bitcoin sets its price support at the $34,000 mark.
The cryptocurrency market has been hit recently, liquidating $500 million in futures. Since the high sales pressure of around $40.000, BTC has been trying to maintain a stable momentum. As the consolidation phase continues, people believe that the reverse pattern of H&S is likely to keep the market bullish in the next few days. The price fluctuations in the next few days will provide a better picture for further Bitcoin price predictions and overall market trends.
Article reprinted: www.12318.org