Bitcoin Price Prediction – March 11
The Bitcoin price prediction is back under $39,000 after losing an important trend line that has supported the cryptocurrency’s uptrend.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $34,500, $32,500, $30,500
After losing momentum above the $40,000, BTC/USD is facing another decline as the coin crosses below the 9-day and 21-day moving averages. The Bitcoin price is trading below the $39,000 support level. However, the Resistance above $40,000 proves to be strong for bulls to break, as bears are now pushing the price per coin back down to retest support lower.
Bitcoin Price Prediction: Would Bitcoin Go Down?
Despite the risk of crossing below the moving averages, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. The Bitcoin price may follow a sharper uptrend line at one point, and although the 9-day MA is still above the 21-day MA, therefore, no dramatic downside is yet to play out.
Moreover, if the bulls push the coin above the upper boundary of the channel, the first level of resistance could be located at $42,000. A sustainable move above this level is needed for the upside to gain traction, while the next important resistance may come at $43,000. Further resistance levels could be located around $44,000, $46,000, and $48,000 while the critical supports lie at $34,500, $32,500, and $30,500 as the technical indicator Relative Strength Index (14) moves below 50-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are coming back into the market as the 9-day MA crosses below the 21-day MA. The break below this crucial barrier causes the coin to plunge as low as $38,505. Meanwhile, unless the king coin recaptures $40,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.
However, any further bearish movements could see the support level of $36,000 and below. Meanwhile, as the technical indicator Relative Strength Index (14) moves below 50-level, more bearish signals could bring the price below the lower boundary of the channel. On the contrary, a bullish cross above the 9-day and 21-day moving averages may hit the resistance level at $42,000 and above.
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