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Bitcoin Price Prediction: BTC/USD Struggles but Makes a Partial Breakout above $8,800 Resistance

Bitcoin (BTC) Price Prediction – March 03
In the last 24 hours, the bulls were making an upward move to retest $9,000 resistance. Unfortunately, BTC/USD pair fell back to the price range. Previously, Bitcoin has been confined between $8,400 and $8,800.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12000
Support Levels: $7000, $6000, $5000

BTC/USD – Daily Chart

Bitcoin has been consolidating between $8,400 and $8,800 for the past one week. The consolidation is ongoing. Yesterday, the bulls made a false breakout above $8,800 resistance but fell back into a price range. On the daily chart, Bitcoin is in the oversold region of the market. The impression is that selling pressure has been exhausted suggesting buyers take control of the market.

On the upside, BTC will rise again once buyers emerge in the oversold to push the BTC upward. Meanwhile, Bitcoin is still in the oversold region below the 20% range. The stochastic bands are making U-turn in the oversold region. The bottom line is that BTC is in a bullish momentum and the bulls are being awaited at the oversold.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the bulls broke above 12-day EMA and the 26-day EMA. This is an indication price upward move .

BTC/USD – 4 Hour Chart

The bulls were unable to break the $8,800 resistance as the market fell into a price range. Therefore, the consolidation between $8,400 and $8,800 may continue. The Relative Strength Index period 14 is level 52. The pair is likely to rise because it is above the centerline 50.

 

 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.