Bitcoin (BTC) Price Prediction – March 17
BTC/USD pair has continued to fluctuate between the low of $4,500 and a high of $5,500. It is anticipated that if the market falls to the low of $4,400, it is possible that a retest at the $3,800 is likely. On the other hand, the price can rally above $6,000, if the bulls bounce at the lower price range of $4,500.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Yesterday, the bears took price and attempted to break the low of $4,500 but were supported by the bulls. It would have led to more selling pressure if the support at $4,500 was breached. Besides, the market will fall to a low of $3,800, and the bears can push the price to an incredible low. Immediately after the downward correction, BTC makes an upward move to retest the previous highs. The upward moves have not proved better, because selling will follow as soon as minor rallies are established by the bulls.
Aggressive selling by the bears eliminated the minor rallies since on March 12. Nonetheless, the relief rallies of yesterday and today have been eliminated by the bears. The market is likely to continue the range-bound movement between the levels of $4,500 and $5,500. Meanwhile, Bitcoin is at level 28 of the Relative Strength Index which a buy signal; suggesting bulls to take control of price. Bitcoin is also below the centerline 50 which suggests that Bitcoin is falling as a result of the downtrend.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the market is confined within the levels of $4,500 and $5,500. The bears took the price to a low of $4,500 but fail to break the lower price range. As the bulls took over, the price rallied above $5,400, which immediately attracted selling. This implies that the market will continue its fluctuations. Probably, a downward move is expected.
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