Bitcoin Price Prediction: BTC/USD Reclaims $43,000 Resistance
Bitcoin Price Prediction – March 22
The Bitcoin price prediction shoots above $43,000 as the bulls blow hot, it has done little to flip the market sentiment at this stage.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD is seen following a bullish movement, and it is likely to start a new increase as long as the 9-day moving average stays above the 21-day moving average. At the beginning of today’s trading, the Bitcoin price sees a steady increase above the $42,000 resistance level as the king coin touches the daily high of $43,389. In the next positive movements, BTC/USD is likely to settle above the upper boundary of the channel.
Bitcoin Price Prediction: BTC Price May Cross Above the Channel
The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages as the market price aims to cross above the upper boundary of the channel. However, any further increase in the bullish movement could increase the price above the channel, and the potential resistance levels of $47,000, $49,000, and $51,000 may come to focus.
On the contrary, if the resistance level of $42,000 failed to hold, it may reverse and face the support level of $40,000 as a further increase in the bears’ pressure may bring down the price below the moving averages, and this could cause the king coin to hit the supports at $38,000, $36,000, and $34,000. In the meantime, the technical indicator Relative Strength Index (14) moves to cross above 60-level to increase the bullish movement.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
As revealed on the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages at a price value of $42,636. With the look of things, the bulls may keep the Bitcoin price above the moving averages but any bearish cross below this barrier may bring the coin towards the support level of $41,500 and below.
Moreover, if the Bitcoin price finds a decent resistance level at the $43,500 level, the first digital asset may continue the bullish movement above the upper boundary of the channel which may likely hit the resistance level of $44,000 and above. However, the technical indicator Relative Strength Index (14) moves above 60-level, suggesting additional bullish signals into the market.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more:
