Bitcoin (BTC) Price Prediction – February 17

According to the daily chart, the price of Bitcoin continues to climb higher but one key support level must hold for the rally to continue.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $56,000, $58,000, $60,000

Support Levels: $43,500, $41,500, $39,500

BTCUSD – Daily Chart

As the daily chart reveals, BTC/USD bull-run seems to be unstoppable right now as the coin has just notched another new high at $51,288. However, the Bitcoin price has been grinding up in the past few weeks, establishing some potential areas of support in the event of a pullback. Currently, the technical indicator RSI (14) is swimming within the overbought conditions, strengthening the bullish market.

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Where is BTC Price Going Next?

The daily chart above shows that this bullish continuation is seen as a result of BTC rallying towards the next point of interest. Therefore, this area is found around the resistance level of $50,000 and the key level is also an important psychological barrier for the coin. Presently, the BTC/USD has successfully cleared the $50,000 and it is currently climbing higher.

Nevertheless, the critical level to watch is between $47,000 – 45,000 but as long as this area sustains support, the Bitcoin price may continue to run towards the resistance levels of $55,000, 58,000, and $60,000. Moreover, if the market makes a quick turn to the south, the price may likely drop below $48,000, and should this support fails to contain the sell-off, traders may see a further roll back to $43,500, $41,500, and critically $39,500.

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BTC/USD Medium – Term Trend: Bullish (4H Chart)

Bitcoin price surges upward within 24 hours, catapulting its price over $50,000 to reach where it currently trades at around $51,146. This sudden rise also pushed the price overall other altcoins, which increased by more than 6% in the respective period.  However, the closest resistance levels lie at $55,000 and above, while the nearest supports are $49,000 and below.

BTCUSD – 4 Hour Chart

Moreover, as the coin moves above the 9-day and 21-day moving averages, the technical indicator is looking bullish and still flashing buy signals. The technical indicator RSI (14) indicator is moving above the 70-level, suggesting more bullish trends at the moment.

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BTC/USD Keeps Climbing Higher as Price Blasts Above $50,000

by Daniel Sean
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