Bitcoin Price Prediction – January 3
Today, the Bitcoin price prediction loses traction after touching the low of $46,215; losses likely to continue in the near term.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
Looking at the daily chart, it can be easily seen that the market is back in the red zone as BTC/USD is posting minor losses of 2.12% on the day after commencing the trading at $47,299. It has an intraday high of $47,583; although the world’s largest crypto touches the support level of $46,215 before going back to where it is currently trading at $46,298.
Bitcoin Price Prediction: Bitcoin (BTC) May Cross into the Downside
At the time of writing, the Bitcoin price is plunging below $46,500 one more time, marking $46,215 as the current daily low at the moment. This could mean that Bitcoin (BTC) may be leaving the positive side and searching for a new low. Looking at the declining daily volume candle, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming up soon into the market.
At the time of writing, BTC/USD is struggling to maintain the $46,000 level and if the coin follows the downward trend as the technical indicator Relative Strength Index (14) may cross below 40-level, the next supports may likely come at $43,000, $41,000, and $39,000. On the upside, if the price crosses above the 9-day and 21-day moving averages, further movement could go above the upper boundary of the channel to send the price to the resistance levels of $52,000, $54,000, and $56,000 which will be well above the channel.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, BTC price has finally crosses below the support level of $46,000, sliding below the 9-day and 21-day moving averages around $45,822 which may take time to persistently trade above $46,000. In addition, if the bulls gather enough strength and regroup, the upward movement may be able to near the $47,000 and $49,000 resistance level.
However, on the downside, as the Relative Strength Index (14) is crossing below 40-level, the immediate support is around the $45,500 level and the price may likely fall below this level if the bears step back into the market, therefore, a further movement could reach the critical support level at $45,000 and below.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider