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Bitcoin Price Prediction: BTC/USD Consolidates Above $5,000 Amid Bearish Exhaustion

Bitcoin (BTC) Price Prediction – March 15

Bitcoin (BTC) has tough days as the coin had lost over 40% of its value over the past four days.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $6,800, $7,000, $7,200

Support Levels: $3,800, $3,600, $3,400

BTCUSD – Daily Chart

At the time of writing, the BTC/USD price is trying to settle above $7,000, but what direction will BTC head next? The fact is that there is no consensus; since the BTC/USD bounced off a historic upward trend, it may likely enter back into a bull phase but if the coin tries to retest the $4,000 low, it may collapse further to form a longer-term bear sequence.

Moreover, as the coin is trading at $5,294 displaying an intraday loss of 2.5%. The prevailing trend is still bearish with expanding volatility. Meanwhile, a break down below the channel may likely begin to form an additional trend. In this case, Bitcoin could fall below $4,500 support and further movement may hit the critical supports at $3,800, $3,600 and $3,400.

However, should the bulls hold the price and push it above the $6,000; further bullish movement could rise towards the 9-day moving average at a vital resistance level of $6,500. A further high drive could send the coin to $6,800, $7,000 and $7,200 resistance levels. More so, the stochastic RSI is coming out of the oversold zone, which indicates that a possible bullish momentum may play out.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

On the 4-Hour chart, BTC/USD trades within the range of $5,052 to $5,812. Nevertheless, Bitcoin has not yet slipped below $5,000 and still in the loop of breaking or making a bounce back. BTC price hovers around $5,353 and may take time to persistently trade above $5,500. The upward movement may be able to near the $6,000 and $6,200 resistance levels if the bulls regroup.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $5,000 level while the main support is at the $4,800 level. The price may likely fall below $4,500 if the bears step back into the market, a further movement could test the critical support at $4,300 level. Technically, Bitcoin is currently moving in sideways while the RSI (14) moves in the same direction, indicating an indecisive in the market movement.

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.