Bitcoin (BTC) Price Analysis – March 11.With the current market cap at $69 billion, Bitcoin is on a long consolidation as traders are much-anticipating for the next big wave. The tight areas hold at $3,800 low and $4,200 high. Losing -0.31%, BTC 24-hours trading currently stabilizes at $3920 price level. However, the market still remains in a red zone.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $4200, $4400, $5000;
Support levels: $3800, $3600, $3400;
Obviously, Bitcoin is slowly gaining recovery following the 2018 market crash as it struggles to near the long-term 200-days moving average (red line). The $4200 strong resistance holds for the bear side and has been a ‘tough level’ for the bull sides to surpass since the beginning of 2019.
For the past two weeks, the market has been consolidating with choppy price action; as revealed on the daily RSI trending on side-way. Now, the trading appears to be moving upward. The next key resistance level is expected at $4200.
A swing low is likely to retest the $3,800 strong support; as reflected on the Stochastic RSI. These mentioned support and resistance levels hold defensively for the buyers and the sellers.
However, a price break at these defensive levels could send the coin to the next wave.
BTC/USD Medium -term Trend: Ranging (4H Chart)
Bitcoin appears on a long sideway movement with choppy price action; as shown on the 4-hours RSI. This reflects low price volatility as trading is inactive. Currently, BTC 24 hours trading volume is estimated at $9.7 billion; according to CoinCapMarket. With this appearance, a potential big move is around the corner.
Since February, BTC has been respecting the major 200-days moving average (red line) as it trends below the price action. A price surge is likely to shoot the coin to $4200, $4300 $4400 resistance levels. Similarly, breaking the $3,800 support, where the red line lies could send price to the bottom of $3,650 key support.
At the moment, BTC is waiting for the next move. The 4-hours Stochastic RSI suggests the trade is reaching the oversold area.
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