Bitcoin (BTC) Price Prediction – March 14
Bitcoin is down by 3.14%, but the market is still looking indecisive at the moment.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $7,500, $7,700, $7,900
Support Levels: $3,200, $3,000, $2,800
BTC/USD has been struggling to maintain its position above $5,000 support level and its price saw a dive below the $5,300 mark today during early Asian hours. If the breakthrough is confirmed, the downside momentum will gain traction with the next focus on $5,100. At the time of writing, BTC/USD is trading below the moving averages of 9-day and 21-day at $5,460 with a decline of 3.14% on the daily price chart.
Meanwhile, the Asian session has been characterized by increased selling activities leading to a break down from $5,687 which is an opening value to $5,242 – an intraday low. More so, a shallow recovery is pushing the price back towards $5,600 but BTC/USD is dancing at $5,460 at the time of writing.
Furthermore, should BTC price failed to move up; we may see a price cut to $4,500 vital support. A further low drive could send the price to $3,200, $3,000 and $2,800 support levels while the resistance levels to watch are $7,500, $7,700 and $7,900. Meanwhile, the stochastic RSI is trying to move out of the oversold zone, which indicates that a possible bullish momentum may likely play out.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Following yesterday’s bounce, Bitcoin’s price was roofed at $6,025 resistance after breaking the wedge pattern bullishly to the upside on the 4-hour chart. The resistance at the $6,025 was too heavy for the bulls to overcome. So today, the price is seriously struggling in a consolidation mode, which has made BTC remain indecisive over the past few hours now. The resistance levels to watch are $6,500 and above.
In addition, Bitcoin’s price is still roaming around the $5,303 and we can see that the bearish supply has been slowly turning heavy in the market, while the bulls are trying to defend the $5,000 support. Meanwhile, the $4,200 and below may come into play if BTC breaks the mentioned support. There’s hope for the sellers as soon as the stochastic RSI begins to move out of the overbought zone.
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