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Bitcoin Price Prediction: BTC/USD Attempts to Sustain Above $7,000, as Bulls Are Unrelenting

Bitcoin (BTC) Price Prediction – March 22
The market upward move has been enhanced as the bulls buy at the $5,000 price level. More so, coupled with the emergence of the bulls at the oversold region to push BTC upward.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

The bulls bought at the $5,000 price level. This positive step made it reach the $7,000 resistance in the first instance. However, the bull’s inability to sustain above the higher price level caused its retracement. Nonetheless, Bitcoin needs to hold the $6,000 support. Having done that, a retest of the $6,500 to $6,900 is likely. Once the bulls push above the $7,000 resistance, the upward move will continue to the $7,500 price level.

Similarly, price is approaching the resistance line of the descending channel. Bitcoin uptrend will commence if the resistance line is broken and the price is closed above it. The possibility of reaching a high of $7,000 or $7,500 is possible. Bitcoin is above 40% range of the daily stochastic. It indicates that Bitcoin is in bullish momentum.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4-hour chart, Bitcoin is trading in a descending channel. The bull’s purchase made it reach the $7,000 resistance. After resistance, price retraced to the low above $6,000. The bulls are unrelenting as they make another push to retest the resistance level. The Relative Strength Index indicates that Bitcoin is at level 60 indicating that the market is in the uptrend zone

 

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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