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Bitcoin Price Prediction: BTC/USD Consolidates Above $5,000, Sellers Threaten to Short Further

Bitcoin (BTC) Price Prediction – March 14
On March 12, BTC/USD encountered an unavoidable breakdown. Bitcoin dropped from the high of $8,000 to a low of $4,873. The market is currently consolidating above $5,000 support level.

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

BTC/USD – Daily Chart

BTC/USD pair made a sharp drop from the $8,000 resistance to a low of $4,873. The breakdown or the bearish momentum was very powerful as it broke the remaining support levels. This breakdown has overruled the earlier analyst’s view that Bitcoin will rebound at the low of $7,700 to reach the resistance at $8,400. The bulls will eventually face aggressive selling that will compel it to drop to $7,000 or $6,800 low.

Presently, Bitcoin is at a low of $4,873. The upward move has been hampered at the $6,000 resistance as price consolidates above the $5,000 support. This implies that the selling pressure is not over. Bitcoin may fall to a low of $3,800 if the selling pressure resumes. Nonetheless, if the bulls can push the price above $6,000 and the momentum is sustained above $7,000, the upward move will resume. Bitcoin is below 20% range of the daily stochastic. This implies that the coin is in the oversold region of the market.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the previous consolidation has been broken as the bears have the upper hand. The downtrend reached a low of $4000 but the price pulled back and moved above $5,000.

BTC/USD – 4 Hour Chart

The market has resumed a consolidation above $5,000. After this consolidation, we shall know the next direction of Bitcoin. Meanwhile, Bitcoin is at level 30 of the Relative Strength Index . This indicates that Bitcoin is approaching the oversold region of the market. It is also below the centerline 50 which invariably indicates that it may further fall.

 

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.