Bitcoin (BTC) Price Prediction – March 05
BTC/USD pair has been in the oversold region at the price of $8,500 since February 29. Besides, the market has been trading between $8,400 and $8,800 for the past one week. Hopefully, if the bulls emerge in the oversold region, BTC will resume an upward movement.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Presently, the bulls are making an upward move toward the $9,000 resistance. This is a sequel to the earlier request that the emergence of the bulls at the oversold region will propel BTC to rise. On the upside, if the bulls can push the price above $9,000, it will indicate that there is bullish momentum.
Nevertheless, if price sustains the momentum, it can extend to $10,000 and above. Meanwhile, Bitcoin is nearing the 25 % range of the daily stochastic. This is indicating that BTC is now in bullish momentum. The upward move is possible but the bulls may face resistance at $9,800.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the bulls have broken above the 12-day and 26-day EMAs and it is approaching the resistance line. The upward move is likely to continue if price breaks the trend line and closed above.
The first target price is the resistance at $9,800. Meanwhile, BTC is at level 59 of the Relative Strength Index period 14. It means that the price is in the uptrend zone and it is above the centerline 50.The one-week-old consolidation will be put to an end if the bulls are successful above $9,000 resistance.
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