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Bitcoin Price Prediction: BTC/USD Makes a Fragile Downward Move, May Revisit $5,500 Low

Bitcoin (BTC) Price Prediction – March 29
After BTC/USD pair slumps to $6,200, the market went into a period of consolidation above $6,200. At the end of a sideways move, the downtrend resumed. Bitcoin now trades below $6,000.

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

BTC/USD – Daily Chart

It has already been established that if the bulls fail to regain their $6,800 level, there is a likelihood of Bitcoin retesting the previous low of $5,500 and $5,300. Today, Bitcoin has dropped to a low of $5,960; a further downward movement is expected. Undoubtedly, the predicted lows are likely to be achieved. On the downside, if the downward moves continues and the bears break below $5,500, the momentum will extend to the low of $4,400. Incidentally, it was at a low of $4,400, Bitcoin rebounded to reach a high of $7,000. Nonetheless, a repeat of March 16 rebound cannot be ruled out. Meanwhile, Bitcoin is below 80% range of the daily stochastic. This indicates that Bitcoin is in a bearish momentum. The market is likely to undergo a downward movement.

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

BTC/USD – 4 Hour Chart

On the 4-hour chart, the uptrend has been terminated as the bears broke and closed below the bullish trend line. The bears are likely to sink Bitcoin to the low of $5,500. The downward movement is expected to reach a low of $4,500. BTC is presently at level 31 of the Relative Strength Index. The coin is approaching the oversold region of the market. Nevertheless, if BTC falls to a low of $4,500, the market is likely to reach the oversold region. Consequently, buyers are likely to emerge.

 

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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.