Bitcoin Price Prediction – March 16
The Bitcoin price prediction shows that BTC is trading at $41,155 as the coin seems to be preparing for another upward movement.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD is currently trading above the 9-day and 21-day moving averages at $41,443 155 preparing to cross above the upper boundary of the channel. Today, the largest digital asset is likely to extend towards the resistance level of $42,000 after touching the daily low of $40,521.
Bitcoin Price Prediction: Is $45k Resistance Coming for BTC?
As of now, the Bitcoin price is trading above the moving averages as the next resistance levels could be located at $46,000, $48,000, and $50,000. Typically, when the new uptrends are coming to play, traders could see that the 9-day MA is ready to cross above the 21-day MA to gauge the strength of the trend. However, if BTC/USD keeps soaring towards the channel, it could be a sign of sustainability and may likely result in a bullish continuation.
Nevertheless, should the BTC price fail to move up; traders may see a price cut below the moving averages, and a further low could bring the price to the support levels of $36,000, $34,000, and $32,000 respectively. Now, the bulls are still defending the $41,000 level. But as it stands, the Bitcoin price may rise as the technical indicator Relative Strength Index (14) stays above 50-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the market is following a sideways movement as the bulls are trying to dominate the market by defending the $40,000 level. If not, the support level of $39,000 and below may come into play.
However, if the bulls keep the market above the 9-day and 21-day moving averages, traders may expect a retest at the $42,000 resistance level, and breaking this level may further push the price towards the resistance level of $43,000 and above. Nevertheless, the technical indicator Relative Strength Index (14) is seen moving below 60-level, suggesting bullish movement for the coin.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider