Bitcoin (BTC) Price Prediction – February 25
The bulls have lost control over the price at the $10,400 overhead resistance. The bears have taken temporary control of price at the higher price levels. The bulls have been repelled at the $10.400, $10,200, and $9,800 resistance levels. The downward move is likely to continue.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key Levels:
Resistance Levels: $10,000, $11,000, $12000
Support Levels: $7000, $6000, $5000
On February 23, the bulls made concerted efforts to make an upward move so as to push the price into the ascending channel. Unfortunately, the bulls were repelled and BTC/USD pair has a breakdown the following day. Today the hope of an upward move to the $10,400 overhead resistance may be dashed as the price continued its downward move. The bears are still pushing price downward and are approaching the critical support of $9,400.
It is anticipated that if the $9,400 support is breached by the bears, the selling pressure will resume. Bitcoin will be compelled to fall to a low of $9,200. Subsequently, BTC will make a gradual fall to the $8,400 support. Bitcoin is currently below 50% range of the daily stochastic indicating that BTC is in bearish momentum.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, BTC is in a descending channel. The channel shows the resistance levels where the bulls have been repelled. The bulls have earlier been repelled at $10,400 and $10,200 price levels when an attempt was made to breach the overhead resistance.
Currently, Bitcoin is on a downward move as the bulls were resisted at the $10,000. Meanwhile, Bitcoin is trading at level 41 of the Relative Strength Index period 14. This indicates the coin is likely to fall as it is below the centerline 50.
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