Bitcoin (BTC) Price Prediction – March 26
In the last 24 hours, BTC/USD pair has remained above $6,600 price level. There has been no price movement. The price movement is insignificant. We expect that Bitcoin will either have a breakout or a breakdown at the current price level.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
The bears have successfully defended the $7,000 overhead resistance. The rampaging bulls have been pushed back to the low above the breakout level of $6,400. The bulls almost broke the overhead resistance but were overwhelmed. Since yesterday, the market has remained above $6,600 as there has been no further price action.
We are anticipating a bullish action that will make Bitcoin to rally above $8,000. Conversely, as we are in a bear market we want to see whether the bears are still in control of price. Meanwhile, the Bitcoin is above 60% range of the daily stochastic. The market is still in a bullish momentum.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support levels of price. On the upside, if price breaks and closes below the trend line, the current upward move is presumed to be terminated. At the moment the uptrend is ongoing. The Relative Strength Index is level 60 indicating that the market is in the uptrend zone. It implies that the price is rising and in the bullish trend zone.
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