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Bitcoin Price Prediction: BTC/USD Rips Off the Gains as Price Slips to $8,632

Bitcoin (BTC) Price Prediction – March 3

Within 48 hours, the Bitcoin price is down from $8,993 to $8,701. No quick recovery seems possible for the coin at the moment.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $9,500, $9,700, $9,900

Support Levels: $7,800, $7,600, $7,400

BTCUSD – Daily Chart

Before now, BTC/USD seems strong-willed as the coin moved from $8,504 to $8,993 yesterday but the price is currently facing back the support level of $8,500. Instead of crossing the red-line of the 9-day moving average, the bears have ushered the coin below $8,800 today and now on its way to cross below the lower boundary of the channel. Yesterday’s bullish price moves took the coin as high as $8,993 and since then, Bitcoin has been tumbling.

Furthermore, the latest price reduction has made Bitcoin’s price to see a sharp cut of over $200, amounting to a 2.39% loss as it moves toward the south. In the time of following this rally, BTC/USD has been making an effort to erase the gains of yesterday’s trading, with the crypto plummeting to lows of $8,632 before climbing slightly to its current price of $8,701.

However, today’s price corrections have traced a falling flag which has been breached very recently. Meanwhile, looking at the daily chart, $7,800, $7,600 and $7,400 serves as the major support levels, making room for BTC/USD to fall even further. The RSI (14) for the coin has just nosedives to the 40-level. Nevertheless, BTC/USD may see resistance levels at $9,500, $9,700 and $9,600.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

On the 4-hour chart, we can see that the bears have been stepping back into the market, trading below the 9-day and 21-day moving averages but the bulls are trying to defend the $8,600 support as well. Meanwhile, the $8,500 and below may be visited if BTC/USD breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, in as much as the buyers can push the market to the north, we may expect a retest at the $8,800 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,000 and above on the upside but the stochastic RSI is moving out of the overbought zone indicating some bearish signals.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.