Bitcoin (BTC) Price Prediction – March 19
As the movement to the north is gradual, the technical indicator RSI (14) shows that the buyers have an upper hand.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $6,800, $7,000, $7,200
Support Levels: $4,000, $3,800, $3,600
BTC/USD is extending stability for the third day in a row. The movement towards the north may soon a wall at $6,000. The Bitcoin’s recovery has stalled after a move above $5,500 as the market is still full of uncertainty. At the time of writing, BTC/USD is changing hands at $5,660, having gained over 4.5% on a day-to-day basis. On the daily chart, Bitcoin’s recovery is been stopped by the resistance of $5,700 reinforced by the 9-day moving average.
More so, a sustainable move above this handle is needed for the upside to gain traction and take the price towards the critical psychological barrier $6,000. The last time BTC/USD traded above $6,000 was March 12, before the major collapse that wiped billions of dollars from the market. It means that Bitcoin bulls may have a hard time breaking above this level. Meanwhile, on the downside, the initial support is created by the lower limit of the Bollinger bands on approach to $4,000. If it is broken, the sell-off may continue towards the next barrier at $3,800, which is followed by psychological $3,600.
However, we need to consider that the intraday RSI is now moving out of the oversold zone; a period of consolidation around the current levels may still be expected. Meanwhile, the $6,200 and $6,400 levels may further surface as potential resistances should the $6,000 level holds. However, a strong bullish spike might take the price to $6,800, $7,000 and $7,200 resistance levels as the technical indicator RSI (14) faces the north.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Following the 4-hour chart, Bitcoin (BTC) bulls have now stepped back into the market pushing the price above its previous support level that existed around $5,600. Although the Bitcoin price has not yet moved above $6,000, it’s still in the loop of making a reversal. Its price hovers around $5,828.59 and may take time to persistently trade above $6,200.
At the moment, BTC/USD is currently moving above the 9-day moving average around the upper limit of the Bollinger bands. More so, as the RSI (14) moves to cross 60-level, the upward movement may likely push the price to the nearest resistance at $6,500, $6,700 and $6,900 levels while the immediate support lies at $5,000, $4,800 and $4,600.
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