Bitcoin (BTC) Price Prediction – March 19
Today, Bitcoin adds over $1,000 to its price in a strong revival following its recent price collapse.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $7,600, $7,800, $8,000
Support Levels: $4,200, $4,000, $3,800
Bitcoin gains intraday momentum as it rises above $6,200 after five days of a downward correction. BTC/USD even tested support below $5,000 once due to loss of momentum within the said five days and lost the steady support from the daily moving averages. The price of Bitcoin broke through the $6,000 level, rising over $1,000 today. At present, the price of Bitcoin is $6,247, up 15.4% in the last 24 hours.
However, as the coin manifests an uptrend and higher highs on the intraday chart, BTC/USD draws the consecutive higher high above $5,500 after a bearish dip below $5,000. The recent move has pumped in growth and gained back support from the daily moving average on the intraday chart. Although, the volatility remains intact as traders can’t really believe the intermittent price rise and dip.
Moreover, the Bitcoin (BTC) is trading above the 9-day moving average. The next resistance levels lies at $7,600, $7,800 and $8,000. In addition, if the coin fails to move up; we may see a price cut back to $5,000 vital support. A further low drive could bring the price to $4,200, $4,000 and $3,800 supports. At the moment, the bulls are still defending critical support of $5,500 as the indicator RSI (14) is moving towards the 40-level.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
BTC/USD is seen performing well at present. With this, we expect the coin to gain the lost momentum and hit the trade above $6,300. However, the volatility hovers and the selling pressure still exists. Meanwhile, the $5,300 and below may come into play if BTC breaks below $5,500 support level.
However, in as much as the buyers can reinforce and power the market, traders can expect a retest at $6,800 resistance level and breaking this level may further allow the bulls to reach $7,200 and above. The RSI (14) is moving around the 67-level which may likely bring more bullish signals.
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