Bitcoin Price Prediction – March 16
The Bitcoin price prediction shows that BTC is beginning to restart the uptrend after touching the daily low of $38,850.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD looks green today as the price hovers above the resistance level of $40,000 from the low of $38,850. However, a daily close above the $40,000 level may increase the Bitcoin price to $43,000. However, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.
Bitcoin Price Prediction: Price May Begin to Break Higher
In the past few hours, after the Bitcoin price touches the daily high of $41,717, the first digital asset is now looking forward to touching another resistance level of $42,000. Moreover, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it will keep the coin at the upside.
Meanwhile, the bears may take advantage to break below the moving averages if the bulls fail to move the price upward. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 50-level. More so, if the Bitcoin price stays above the moving averages, it could hit the resistance levels of $46,000, $48,000, and $50,000 but facing the south may bring the price to the supports at $35,000, $33,000, and $31,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages. However, intraday trading is ranging as the coin moves to cross above the upper boundary of the channel which could reach the resistance level at $43,000 and above.
On the contrary, if the sellers bring the market to the south, traders can expect a fall below the moving averages, and breaking below this barrier may hit the support at $39,000 and below. Meanwhile, the technical indicator Relative Strength Index (14) crosses above 60-level, suggesting more bullish signals.
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