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Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Predicted Bitcoin prices show the cryptocurrency falling towards the $40,005 low.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $36,000, $34,000, $32,000
Today, BTC/USD lost 0.45% of its value as the cryptocurrency fell below the 9-day moving average and hit the daily low of $40,005. In fact, the daily chart shows that $40,000 is a very important area because it is expected to be a strong support for the coin.
If the price of Bitcoin drops below $40k, would it still be worth it?
The Bitcoin price starts to fall below the 9-day and 21-day moving averages at the trend line. A break below the lower end of the channel could cause the price of Bitcoin to make a new low. However, a drop below the lower boundary of the channel could be bad for Bitcoin because it could lead the coin to hit the supports at $36,000, $34,000, and $32,000, which could hurt the coin.
Bitcoin's first level of resistance could be $43,000 if the price breaks above the 9-day moving average. Above this, there should be more resistance at $44,000. This could lead to possible resistance levels at $45,000, $47,000, and $49,000. At the moment, the Relative Strength Index (14), which shows how strong a stock is, is likely to fall below the 40 level. This means that more bearish signals could come into play.
BTC/medium-term USD's trend is going down (4H Chart)
When you look at the 4-hour chart, you can see the price of Bitcoin is at $40,539, and it's about to cross above the upper boundary of the channel. Even though the 9-day and 21-day moving averages are both above the market price, the coin may hit resistance at $42,000 and above.
The 9-day moving average now looks like it's ready to go up, as it crosses above the 21-day moving average, which could mean the cryptocurrency is ready to go up. There are a lot of chances that the Relative Strength Index (14) will go above 50. If it doesn't, the king coin might find a support level at $39,000 and below.
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