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Bitcoin Price Prediction: BTC/USD Eyes the $7,000 Low, as Bulls Defend the Current Support at $7,800

Bitcoin (BTC) Price Prediction – March 10
The recent fall to the support at $7,800 is because of the bulls’ inability to sustain price above $9,000. The bulls were repelled at $9,200 and the market fell to the low of $7,800.

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 is having another downward move because of the recent positive moves by the bulls. The bulls broke away from the range-bound zone and the resistance at $9,000. The upward move extended to $9,200 before they were resisted. BTC fell from $9,200 to the low above $7,800 in the last 24 hours. The bulls have been unrelenting to defend the current support so as avoid further selling.

Assuming, the bulls succeed in pushing the price above $8,400 or a rebound occurs. The bottom line is that the bears will fight back to sink price to the next support at $7,000 or $6,800. For instance, in November and December 2019, Bitcoin fell to the low of $6,900 and $6,600 respectively before the resumption of an uptrend. Bitcoin’s recent fall has compelled it to drop below 20 % range of the daily stochastic. This implies that Bitcoin is in a bearish momentum and approaching the oversold region.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the current fall reaches the low at $7,700 and resumed a range bound movement above the support.

BTC/USD – 4 Hour Chart

Currently, the market is fluctuating above the support to determine the next direction of Bitcoin. On the downside, if the current support breaks, Bitcoin will depreciate and revisit the previous low of $7,000 or $6,800. The Relative Strength Index level 26 indicates that Bitcoin has fallen into the oversold region of the market. In other words, buyers are likely to emerge.

 

 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.