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