Bitcoin (BTC) Price Prediction – March 25
After failing to break above $7,000 resistance, price has been consolidating below $6,800 . This is because of a possible breakout in a few days to come. BTC/USD may encounter a breakdown or a breakout.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Today, the bulls push price above the $7,000 resistance but were overwhelmed by the selling pressure. The bulls’ inability to push above the overhead resistance resulted in the formation of small body candlesticks below the overhead resistance. In this way, buyers have defended the current support from further downward movement.
On the upside, a breakout above $7,000 resistance will catapult BTC to rally above $8,000. On the downside, a breakdown below $6,400 will take Bitcoin to the low of $ 5,600. Subsequently, the selling pressure will extend to a low of $5,000. Bitcoin is in a bullish momentum as the price is above 50% range of the daily stochastic.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin has been consolidating above the horizontal channel at $6,400. The $6,400 support is the breakout level where the bulls have been defending. Bitcoin will sink if the bears break this level. The Relative Strength Index is level 58 indicating that the market is in the uptrend zone. It implies that the price is rising and in the bullish trend zone.
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