Bitcoin (BTC) Price Analysis – March 22
Following a bullish momentum for the past one week, Bitcoin has been attempting to surpass a strong price level. In the last 24-hours, BTC trading volume is estimated at $10.3 billion with a market cap valuation of $71.3 billion; gaining -0.7 percent. As of now, the coin trades at around $4000 price level.
BTC/USD Long-term Trend: Bearish (1D chart)
Resistance levels: $4250, $4500, $5000
Support levels: $3750, $3400, $3250
Despite the bearish condition, the number one largest crypto has been following a long-term bullish move since December 2018 as BTC currently hovers at around $4000 price levels. The daily MACD is now trending at the positive level; revealing a bullish momentum. Trading near $4250 for the past one week, Bitcoin had been facing a tough price rejection level; respecting the trend.
Looking at Bitcoin, it appears a surge volatility could send price above the red line; testing $4500 area. If Bitcoin fails to surpass the mentioned price rejection level, a possible fall could make a bottom at $3750 price level and beyond.
As it stands now, a strong break up is expected to take Bitcoin to the next level as price still obeys the bulls’ position.
BTC/USD Medium -term Trend: Bullish (4H Chart)
Following the red trend line, Bitcoin has been maintaining a bullish sentiment for the past three weeks. After yesterday’s sell-off which slump price to the base of the red trend line, the coin has remained in the range of the trend line. The scenario is reflected in the 4-hours MACD.
Currently, Bitcoin market is on consolidation as price sets for the next direction. A pull is more likely to sink price to the low of $3900 support level and beyond; breaking the lower trend line. On the other hand, a bullish rally might further price to a high of $4130 resistance level.
While respecting the trend line, a price break is expected to position BTC in the next wave. The direction is yet unknown. At the moment, the bulls are still in control of the market.
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