InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Faces Selling Pressure If Bulls Fail to Push Above $5,500 or $6,000

Bitcoin (BTC) Price Prediction – March 15
As BTC/USD pair fluctuates between $4,500 and $5,500, the bulls are finding it difficult to break above the $5,500 resistance. Bitcoin may face another round of selling pressure if the market fails to push above $5,500 and $6,000.

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

BTC/USD – Daily Chart

Last week Bitcoin crashed to a new low of $4,600 before the market makes a downward correction. In December 2019, Bitcoin crashed to a low of $6,600 and made a quick recovery. The recovery led to the resumption of a fresh uptrend. Today, Bitcoin can recover if the price trades above $6,000 and it is sustained. Nonetheless, the bulls have been able to push above $5,500 but were repelled at the $6,000 resistance.

The bottom line is that if Bitcoin fails to push above $5,500 and $6,000, there is the tendency for further depreciation of Bitcoin coin. The bears may take advantage and break below $4,500 and this may extend to the low of $3,800. Bitcoin is above 20% range of the daily stochastic. Buyers are emerging but the bullish momentum is weak.

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

BTC/USD – 4 Hour Chart

On the 4-hour chart, the price is still fluctuating between $4,500 and $5,500. Neither the bears nor the bulls have the upper hand. Likely, one of these levels will soon be broken. Meanwhile, Bitcoin is still in the downtrend zone of the Relative Strength Index level. Bitcoin is level 34 and it is below the centerline indicating that the coin may 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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.