BTC/USD Prepares for a Break out Above $47,000


Bitcoin Price Prediction – March 29

The Bitcoin price prediction is showing positive signs, and it is likely to accelerate further higher in the near term.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $53,000, $55,000, $57,000

Support Levels: $43,000, $41,000, $39,000

BTCUSD – Daily Chart

According to the daily chart, BTC/USD stays above the resistance level of $47,000 as all-time high beckons. The king coin is seen trading well above the 9-day and 21-day moving averages at $47,717. More so, the Bitcoin price is within touching distance of forming a new all-time high above the previous high of $48,000, which is quite remarkable.

Bitcoin Price Prediction: Bitcoin Price May Approach a Strong Resistance Level

At the time of writing, the Bitcoin price is trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. Like the look of things, one could say that the long-term outlook favors the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $53,000, $55,000, and $57,000 respectively.

However, any drop from the current level could lead to declines in the critical support below the moving averages. In case BTC drops and touches the low of $45,000 support, then the coin can rely on the long-term support levels at $43,000, $41,000, and $39,000. Moreover, the technical indicator Relative Strength Index (14) is now moving near the overbought region, suggesting more bullish signals.

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BTC/USD Medium-term Trend: Bullish (4H Chart)

On the 4-hour chart, the Bitcoin price remains above the 9-day and 21-day moving averages at $48,010. However, today’s price move saves the king coin from falling below the 9-day moving average. More so, BTC/USD is now maintaining its bull run above the moving averages as the technical indicator Relative Strength Index (14) moves within the overbought region.

BTCUSD – 4 Hour Chart

On the other hand, BTC may take a downward move if the bulls failed to push the price higher, and the coin may breach below the 9-day and 21-day moving averages to hit the support level of $45,000 and below. Nevertheless, if the bulls find a decent resistance level of around $50,000, the coin may continue bullish movement above the channel at the resistance level of $51,000 and above.

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