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Bitcoin prediction this week – February 17 to 23 – the coin is likely to remain range-bound for the next few days

By Rakesh Upadhyay

The Bitcoin price analysis of the daily chart shows that the price is at a critical support level. How should the traders position themselves for this week?

Bitcoin prediction this week February 17 to 23, the coin is likely to remain range-bound for the next few days

After rising about 45 per cent year-to-date, Bitcoin is currently witnessing a minor correction, which is healthy for the long-term trend of the market. Vertical rallies are unsustainable and they build up a lot of froth, which results in sharp declines that hurt investors.

Investors should keep an eye on the long-term trend of the market and use the dips as a buying opportunity. In an interview with CNBC, ex-hedge fund manager and serial venture capitalist Mike Novogratz said that Bitcoin could reach and even take out the lifetime highs in 2020. He also termed Bitcoin as the “best new brand of the past 11 years.”

Though Bitcoin’s long-term story remains intact, how does its short-term picture look? Let’s do the Bitcoin price prediction for this week to find out.

Bitcoin price prediction chart: weekly

Bitcoin prediction this week February 17 to 23, the coin is likely to remain range-bound for the next few days

The failure of the bulls to push the price above the overhead resistance level at $10,550 has attracted profit booking from the short-term traders. Bitcoin has turned down from $10,523.85 and slipped below the psychologically critical level of $10,000. This shows that the bears are unlikely to give up without a fight.

However, with both moving averages sloping up and RSI in the positive territory, the advantage is with the bulls. If the BTC to USD pair finds support between $9,000 to $9,500, we expect the bulls to make another attempt to carry the price above $10,550. If successful, the up move can reach $12,000 and above it $13,839.90.

Our bullish view will be invalidated if the price dips below $9,000. In such a case, the decline can extend to the $8,000 to $7,853.95 support zone.

The Bitcoin analysis of the weekly chart suggests that the correction has started. What are the critical levels where we expect the buyers to step in and provide support? Let’s do the Bitcoin price analysis of the daily chart to identify the important support and resistance levels to watch out for.

BTC to USD chart: daily

Bitcoin prediction this week February 17 to 23, the coin is likely to remain range-bound for the next few days

Bitcoin’s rally this year has been gradual with intermittent corrections. However, the important thing is that the sequence of higher highs and higher lows has been maintained. Until now, the bulls have purchased the dips to the 20-day EMA, which is a positive sign.

Currently, the price has again dropped to the 20-day EMA, which is likely to act as a strong support. If the bounce off this support is strong, it will increase the possibility of a break above $10,550. If the bears continue to defend the $10,550 levels, the BTC to USD pair might consolidate for a few days before starting a trending move.

Our bullish view will be invalidated if the bears sink and sustain the price below the 20-day EMA. Below this level, the decline can extend to $9,075.45. If this support also cracks, the next level to watch out for is the 50-day SMA.

The Bitcoin price analysis of the daily chart shows that the price is at a critical support level. How should the traders position themselves for this week?

Bitcoin price this week February 17 to 23: how to trade it

If Bitcoin dips and sustains below the 20-day EMA, traders should avoid adding to their existing positions. However, if the price rebounds off sharply from the 20-day EMA, it can offer a buying opportunity to short-term traders with a target objective of $10,550. For now, traders can keep the stop loss on the remaining long positions at $8,800.

FURTHER READING: Trading Bitcoin for beginners

FURTHER READING: Bitcoin briefly surpasses $9,700, marking a new 2020 high

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