Bitcoin (BTC) Price Prediction – March 08
BTC/USD pair traded above the $9,000 resistance for three days before it was repelled at $9,200 resistance. The market made a surprise drop after the bulls fail to break the resistance at $9,200.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Recently, Bitcoin was in a period of consolidation and it fluctuated between the levels of $8,400 and $8,800. All of a sudden the coin was in a bullish trend as it broke the resistance at $8,800. In this manner, the resistance at $9,000 was broken. The bulls traded above $9,000 for three days but could not penetrate the resistance at $9,200. Nonetheless, because of the bull’s failures to break the resistance at $9,200, Bitcoin was repelled by the bears.
The market has fallen back to the range-bound zone. The price is expected to reach a low of $8,400 and if the support holds, the range-bound movement will continue. On the other hand, if the support at $8,400 cracks, the price will fall to the next support at $8,200. Meanwhile, BTC is above 20% range of the daily stochastic.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the bulls after breaking the resistance at $9,000, the upward movement was hindered at the $9,200 resistance. The price was trading below the resistance at $9,200 in an attempt to break it.
Bitcoin turned down from the resistance because of the lack of buying power at higher levels. The market has resumed a downward move and may probably reach a low of $8,200. Nevertheless, BTC is at level 44 of the Relative Strength Index period 14. It means that the price is in the uptrend zone and it is also above the centerline 50.
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