Bitcoin (BTC) Price Prediction – March 17
The Bitcoin price finds support at $5,000 and it may need to clear the resistance at $6,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $7,000, $7,200, $7,400
Support Levels: $3,800, $3,600, $3,400
BTC/USD has recovered to over $5,400, having gained nearly 7.79% since the start of the day. In addition to the upside move, the coin is still moving within a short-term bearish trend amid low volatility. Bitcoin (BTC), at the time of penning down this piece, was trading at $5,429.93, after having a price accumulation since the start of the trading day today.
Nonetheless, the Bitcoin price has already experienced a clumsy fall below $5,000 yesterday for the second time in a period of 7 days. Undoubtedly, the coin has recovered from the intraday fall as it rises above $5,000 again, and with this, the dramatic support for the BTC lies at $4,000. More support levels at $3,800, $3,600 and $3,400 may be visited.
However, short term analysis shows that Bitcoin price has a bullish bias because the RSI (14) is about to recover from the oversold zone. There is a possibility of a ranging trend taking over if an attempt to rise to $6,000 falls under $5,500. On the upside, a breakout from the channel could result in gains towards $6,000 and this may depend on the magnitude of the technical breakout, positive sentimental change, and increased volume.
Meanwhile, the resistance levels to watch for are $7,000, $7,200 and $7,400 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart reveals that BTC/USD is trading within the range of $4,546 to $5,860. The Bitcoin price hovers around $5,466 and may take time to persistently trade above $6,000. The upward movement may likely reach the nearest resistance at $6,400 and $6,600 if the bulls put more effort.
Conversely, the immediate support is around the $5,000 level while the main support is at the $4,800 level. The price may likely fall below $4,600 and beyond if the bears step back into the market. Technically, in the long-term, Bitcoin (BTC) is still moving in sideways while the RSI (14) follows the upward movement within the channel.
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