Bitcoin (BTC) Price Prediction – March 2
The Bitcoin price hits the major resistance level at $8,988 instead of just battling with supports.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,600, $9,800, $10,000
Support Levels: $8,000, $7,800, $7,600
BTC/USD has hit the price area around $8,900 after almost a weeklong of despairing trade. Since the coin is currently correcting upwards, we believe that BTC/USD is likely to cross resistances instead of just battling inactive supports. Today, BTC/USD was seen trading at $8,967 after closing at $8,519 yesterday.
However, the coin then pulled back today to where it is trading currently and may continue to head upward if the bulls step back into the market. Looking at the daily chart, BTC/USD is now trading above the crucial levels that will now function as the support zones in the event a reversal occurs.
Meanwhile, on the upside, as the coin moves towards the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $9,000 as the technical indicator RSI (14) moves above the 42-level.
Nevertheless, the bulls are banking on the support at $8,000, $7,800 and $7,600 to ensure that in spite of a reversal, the Bitcoin price stays above $8,900 level. Similarly, the nearest resistance levels to watch for are $9,600, $9,800 and $10,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $8,521 which is now a key support level. The next key support levels are $8,600, $8,400 and $8,200.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $9,000 resistance. A climb above the mentioned resistance may further push BTC price to $9,200, $9,400 and $9,800 resistance levels. As it appeared now, it seems the bulls may likely return into the market as the RSI (14) is now revealed moving towards 60-level, suggesting more bullish 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.