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Bitcoin Price Prediction: BTC/USD Drops to $6,200 Support, Risks a Retest of $5,500

Bitcoin (BTC) Price Prediction – March 29
On March 28, Bitcoin dropped to $6,200 after failing to break the $7,000 overhead resistance. Before this time, BTC/USD pair has been trading between $6,400 and $6,800. In all, the bulls made three unsuccessful attempts to break the $7,000 overhead resistance.

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

BTC/USD – Daily Chart

Today, Bitcoin has found support at a low of $6,200. This support was the outcome of eight days of trading between $6,400 and $6,800. The bulls failed to push above $7,000 resistance, which is why it is falling. Interestingly, the new support has been holding for the past two days. It is anticipated that if the current support fails to hold, there is a possibility of the coin retesting $5,500 and $5,300 support levels.

Meanwhile, the market is consolidating above $6,200 support. We expect that a rebound above this current support will push Bitcoin upward. Bitcoin will rise, possibly to a high of $7,500 and $8,000. However, where the upward move becomes impossible, BTC will further drop to a low of $5,500. Meanwhile, Bitcoin is below 80% range of the daily stochastic. The stochastic bands are making a U-turn indicating the downtrend.

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

BTC/USD – 4 Hour Chart

On the 4-hour chart, Bitcoin is making a series of higher highs and higher lows. However, the upward move has been interrupted as the bears broke the bullish trend line. The market is consolidating above the current support of $6,200. Bitcoin may probably go up or fall after this consolidation. BTC is presently at level 41 of the Relative Strength Index. Bitcoin is still in the downtrend zone and below the centerline 50. Bitcoin may likely fall in the downtrend zone.

 

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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.