Bitcoin Price Prediction – March 23
The Bitcoin price forecast shows that BTC is showing signs of market correction below USD 42,000 to hit the low of USD 41,766.
BTC/USD Long-Term Trend: Ranging (Day Chart)
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
BTCUSD – Daily Chart
BTC/USD is currently trading below the USD 42,500 level as the price moves above the 9 and 21 day moving averages. Meanwhile, consolidation could start to play out according to the technical indicator indicating that the king’s coin is likely to fall more before moving back to the upper limit of the channel.
Bitcoin Price Prediction: Bitcoin (BTC) May Face the Positive
According to the daily chart, Bitcoin’s price is changing hands at $42,087, which could signal a significant rally within the channel. However, what the next BTC trends are may depend on whether sellers can close today’s candle below the USD 42,000 level. Meanwhile, if this plays out, it could pull BTC price down, and traders can expect the king coin to move below the $42,000 support, which could later move towards the critical support levels of $38,000, $36,000 and $34,000.
On the contrary, if Bitcoin price did not close below the USD 42,000 level, the coin could remain above the 9 and 21 day moving averages. Even more, gaining more positive moves could send the price towards the $47,000, $49,000 and $51,000 resistance levels as the Relative Strength Index (14) technical indicator remains below the 60 level, indicating a possible bearish momentum can occur.
BTC/USD Medium Term Trend: Bullish (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $42,398 within the 9-day and 21-day moving averages after hitting the daily low of $41,893 today. However, Bitcoin price is aiming to break towards the upper limit of the channel.
BTCUSD – 4 Hour Chart
However, should the buyers stimulate the market; they can push the price above the channel which could push the market price to $44,000 and above. Meanwhile, the Relative Strength Index (14) also plans to move above the 60 level, but any bearish move below the 21 day moving average could push the price towards the USD 40,500 support level and below.
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