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Bitcoin Price Prediction: BTC/USD Turns Down From $9,200 Resistance, as Buying Dries up at Higher Levels

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.

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

BTC/USD – Daily Chart

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.

BTC/USD – 4 Hour Chart

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.

 

 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.