Bitcoin Price Prediction – March 23
The Bitcoin price prediction reveals that BTC is showing signs of market correction below $42,000 to touch the low of $41,766.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD is currently trading below the $42,500 level as the price moves above the 9-day and 21-day moving averages. Meanwhile, the consolidation could be coming to play out according to the technical indicator which indicates that the king coin might likely drop more before moving towards the upper boundary of the channel again.
Bitcoin Price Prediction: Bitcoin (BTC) May Face the Upside
According to the daily chart, the Bitcoin price is changing hands at $42,087, which could mark a significant rally within the channel. However, where BTC trends next may depend on whether or not sellers can close today’s candle below the $42,000 level. Meanwhile, if this comes to play, it may drag the BTC price lower, and traders may expect the king coin to fall below $42,000 support which could later move towards the critical support levels at $38,000, $36,000, and $34,000.
On the contrary, if the Bitcoin price failed to close below the $42,000 level, the coin may remain above the 9-day and 21-day moving averages. More so, gaining more positive moves could send the price to the resistance levels of $47,000, $49,000, and $51,000 as the technical indicator Relative Strength Index (14) stays below 60-level, which shows that a possible bearish momentum may play out.
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 touching the daily low of $41,893 today. However, the Bitcoin price aims to break towards the upper boundary of the channel.
However, should the buyers energize the market; they can push the price above the channel, which could take the market price towards $44,000 and above. Meanwhile, the Relative Strength Index (14) is also planning to cross above 60-level but any bearish movement below the 21-day moving average may bring the price to the support level of $40,500 and below.
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