Bitcoin (BTCUSD) Price Rises above the Supply Trend Levels
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Bitcoin (BTCUSD) Price Forecast: February 22
Bitcoin (BTCUSD) is positive today. The coin might remain in that direction if the bulls could add more effort and the price closes above the $24874.49 supply level, the coin might further extend to a $25000.00 upper high level and beyond.
Key Levels:
Resistance Levels: $23000.00 $24000.00, $25000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The Bitcoin market is having a bullish posture in its long-term outlook as can be seen from the chart below. Meanwhile, it also shows the impeding next big move in the price. The current market structure has favored the bulls.
The coin price found a reliable resistance after completing the downside moves at the $24983.79 value as a pullback above the two EMAs as the daily session resumes today. Thus, it is very likely that the bulls will continue rising as we are seeing a bullish correction in place at the present.
Additionally, with the signal pointing upwards, a rise in the upcoming rally and breakout above the $24983.79 high value may turn around the market price of BTCUSD and the recovery pattern might reach a $25000.00 supply trend line in the days ahead in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Despite the interference of short-term traders in the price flow, the medium-term time frame market shows a bullish race. The price of BTCUSD can now be seen above the moving averages. This indicates that buyers are currently gaining more strength in the market.
The bullish reversal at the $25048.88 high value in the previous action has sustained the crypto above the trend line.
This was overridden by the bears as the price of Bitcoin dropped to a low at the $24722.72 level above the moving averages as the 4-hourly session resumed today. This shows that the coin is in an uptrend. Hence, should the bulls respond to the shift in the trend and push the price upwards, the further bearish thesis would be nullified.
In a like manner, a further rise in the market price of the crypto is possible, if the buy traders can trigger their buying pressure and break up the $25090.77 level.
The price might possibly reach a $25000.00 upper supply trend mark soon in its lower time frame.
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