More

    Bitcoin Price Prediction: BTC/USD Drops Below $42,000 Level



    Bitcoin Price Prediction – March 20

    The Bitcoin price slides below the resistance level of $41,327. Further downside momentum may come to play, but $40,000 may likely come out as support.

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

    Key levels:

    Resistance Levels: $46,000, $48,000, $50,000

    Support Levels: $38,000, $36,000, $34,000

    Bitcoin Price Prediction
    BTCUSD – Daily Chart

    BTC/USD range-bounds with the selling pressure seen around $41,327 level which is stopping it from seeing any major gains. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the king coin may continue to face a prolonged sideways.

    Bitcoin Price Prediction: Bitcoin May Drop Slightly

    The Bitcoin price may likely slide below the 9-day and 21-day moving averages as the daily chart shows; however, a further retracement seems imminent, and it is likely to break below $11,000. Meanwhile, $38,000, $36,000, and $34,000 serve as the major support levels. The technical indicator Relative Strength Index (14) is likely to slide below 40-level, suggesting bearish movement.

    However, as the daily chart reveals, if the bulls could push the price back above the daily high at $63,100, BTC/USD may see a potential resistance level at $64,000, therefore, any further movement towards the upper boundary of the channel could send it to other resistance levels at $68,000, $70,000, and $72,000 respectively.

    BTC/USD Medium-Term Trend: Ranging (4H Chart)

    Looking at the 4-hour chart, the bears are likely to come into the market as the market price crosses below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above the moving averages, the $43,000 and above may come into play.

    BTCUSD – Daily Chart

    However, if the price breaks towards the lower boundary of the channel, the support level of $40,000 and below may be in focus. Meanwhile, as the Relative Strength Index (14) nosedives below 50-level, more bearish signals may play out before a rebound could come in.

    Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

    68% of retail investor accounts lose money when trading CFDs with this provider

    Read more:

    %post_title%

    Source

    Stay in the Loop

    Get the montlhy email from Biz Builder Mike that makes reading the news actually enjoyable.
    Join our mailing list Stay in the loop and stay informed and it's FREE

    Latest stories

    - Advertisement - spot_img

    You might also like...