Bitcoin (BTC) Price Analysis – March 21
Bitcoin (BTC) is facing acute resistance towards $6,500 but the downside is equally protected.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $7,500, $7,700, $7,900
Support Levels: $5,000, $4,800, $4,600
BTC/USD started the day with a downside movement as the coin touched $5,869 in the early hours of today, but later, the coin started improving, moving it out of the downside to the upside. More so, BTC/USD has moved up from $5,869 to $6,415 where it is currently changing hands. However, if the bulls could continue to push the price above the channel, the next resistance levels may be found at $7,500, $7,700 and $7,900.
Typically, as the new uptrends are beginning to form, traders will use the 9-day moving average as the nearest support level. However, any failure by the bulls to move the price up, we may see a price cut to $5,500 vital support. A further low drive could send the price to $5,000, $4,800 and $4,600 supports. For now, the RSI (14) is about to cross above the 40-level to confirm the bullish movement.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Checking the 4-Hour chart, Bitcoin has not yet slipped below $5,500 and still in the loop of breaking or making a bounce back. BTC price hovers around $6,153 and may take time to persistently trade above $6,800. The upward movement may be able to near the $7,000 and $7,200 resistance level if the bulls regroup.
However, on the downside, immediate support is around the $5,800 level while the main support is at the $5,900 level. The price may likely fall below $5,500 if the bears step back into the market, a further movement could test the critical support at $5,300 level. In other words, BTC/USD is currently moving in sideways while the technical indicator RSI (14) moves in the same direction, suggesting an indecisive in the market movement.
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