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Bitcoin Price Prediction: BTC/USD Is Ranging as It Is Stuck Between $4,400 and $6,000

Bitcoin (BTC) Price Prediction – March 19
BTC/USD pair is trapped between the low of $4,400 and a high of $6,000. Neither the bulls nor the bears have been able to break either $4,400 or $6,000.

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

BTC/USD – Daily Chart

Fluctuations within the price range of $4,400 and $6,000 have continued unabated. The bulls have made attempts to break the upper price range but have been repelled on more than three occasions. On the other hand, the bears have eliminated minor rallies and relief rallies that are established by the bulls. On March 16, the bears almost broke the lower price range below $4,400.

The bulls put up a challenge with buying pressure as the price went up to a high of $5,400. This has been the scenario for the past one week. Eventually, if a breakdown occurs at $4,400, the market will reach a low of $3,800. Conversely, if a breakout occurs at $6,000, BTC will rally above $8,000. Bitcoin is above 20% range of the daily stochastic indicating that the coin is in bullish momentum. The momentum is weak considering the prevailing bear market.

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

BTC/USD – 4 Hour Chart

On the 4-hour chart, the market is in a sideways trend after the March 12 price breakdown. The market is fluctuating between $4,400 and $6,000. The 12-day and the 26-day EMAs are sloping horizontally indicating the sideways trend. The Relative Strength Index is level 46 indicating that Bitcoin is below the centerline 50. This explains that Bitcoin may likely fall.

 

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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.

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