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Bitcoin Price Prediction: BTC/USD Eyes $6,000; Can The Bulls Surpass $5,500 Level?

Bitcoin (BTC) Price Prediction – March 17

The Bitcoin bulls’ comeback is sending the price towards $6,000 but momentum stalls at $5,456.

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

Key levels:

Resistance Levels: $6,600, $6,800, $7,000

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

BTCUSD – Daily Chart

The daily chart has revealed that BTC/USD is back to trading above $5,000 following a bearish correction to levels under $4,500. Today, the Asian session is characterized by a renewed upward trend whereby BTC/USD has recovered from intraday lows at $4,889 to highs around $5,456. More so, Bitcoin’s price is currently hovering 4.35% higher on the day at $5,456 around the lower boundary of the Bollinger bands. So, in spite of the upward movement, BTC/USD is still facing a bearish trend and high volatility.

At the time of writing, the BTC price is trading in a range of $4,889 to $5,668. It has created a short-term double-bottom which suggests that the price may soon break out from this range and head above $6,000. On a bullish note, looking at the technical indicator stochastic RSI, the signal lines have broken out from a descending resistance line which suggests that the Bitcoin price will once again move towards $5,500, which is the closest resistance level.

However, a strong bullish spike may take the price to $6,600, $6,800 and $7,000 resistance levels. Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $4,000 and should this support fails to contain the sell-off, traders may see a further roll back to $3,800, $3,600 and critically $3,400. The stochastic RSI suggests an upward movement for the coin as the signal lines move towards the north.

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

Looking at the 4-Hour chart, BTC/USD trades within the range of $4,391 to $6,008. Nevertheless, the coin has not yet moved below $4,000 and still in the loop of breaking or making a bounce back. BTC price hovers around $5,339 and may take time to persistently trade above $6,000. The upward movement may be able to near the $6,300 and $6,500 resistance levels if the bulls regroup.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $4,800 level while the main support is at the $4,600 level. The price may likely fall below $4,400 if the bears step back into the market, a further movement could test the critical support levels at $4,200 and $4,000 respectively. Technically, Bitcoin is still 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.