BTC/USD Trades Near $39,000 Resistance
Bitcoin Price Prediction – March 7
The Bitcoin price prediction shows that BTC is trading near the resistance level of $39,000 as the recovery comes slowly.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $33,000, $31,000, $29,000
BTC/USD is trading at $38,866 after recovering from the daily low of $37,577. The first digital asset is moving towards the 9-day and 21-day moving averages but the king coin may likely head downwards if the bears step back into the market.
Bitcoin Price Prediction: Bitcoin (BTC) Not Yet Ready for the Upside
According to the daily chart, it is important for the Bitcoin price to move towards the upside, otherwise, there may come a bearish breakdown when BTCUSD falls back to the support of $37,000. The 9-day MA is above the 21-day MA as the technical indicator Relative Strength Index (14) is likely to cross above 50-level which is more likely a bullish trend at the time of the outcome.
However, BTC/USD will confirm the bullish trend if the market price moves above $42,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves toward the lower boundary of the channel. Should this happen, the king coin may drop to the supports of $33,000, $31,000, and $29,000. Otherwise, a strong bullish spike may push the price towards the resistance levels of $44,000, $46,000, and $48,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently crossing above the 9-day and 21-day moving averages. If the price continues to rise further and move towards the upper boundary of the channel, it could reach the nearest resistance levels at $42,000, $44,000, and $46,000 respectively.
Moreover, if the bears bring the coin below the lower boundary of the channel, the Bitcoin price may reach the closest supports at $35,500, $33,500, and $31,500. Now, the technical indicator Relative Strength Index (14) is seen moving towards 50-level, crossing above it may confirm the bullish trend for 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