Bitcoin (BTC) Price Analysis – March 29
Today, Bitcoin is up by 1% with a market cap of $71.3 billion. A significant large volume size could surge price to reach a medium-term value at $5000 as much-anticipating for enthusiasts. However, BTC is now trading at around $4000 price level.
BTC/USD Long-term Trend: Bearish (1D chart)
Resistance levels: $4200, $4500, $5000
Support levels: $3700, $3400, $3250
Following the February rise-up, Bitcoin has managed to the meet a solid resistance level at $4000 (Bitstamp); facing the blue dotted line, which has become a tough rejection level since March 2018 as the blue line remains a solid support line.
As Bitcoin struggles between the trend lines, there’s a high probability for a shock wave as the coin reaches a close angle area. A potential spike is likely to hit a quick resistance at $4200 and above. A fall, however, could send the price to $3700 support and below.
A look at the daily RSI revealed that BTC has been ranging between 50 and 70 lines for the past 30 days after a sharp drop from the overbought zone; indicating an indecisive market. At the moment, a surge in volatility is expected for BTC future.
BTC/USD Medium -term Trend: Bullish (4H Chart)
After Bitcoin fell in late February, the market has been driven up by a bullish sentiment as trading attempts to surpass $4040 resistance for the past two weeks; respecting the channel trend.
While consolidating with a choppy price action; the buyers look ahead for an immediate resistance level at $4120, where the upper channel is positioned. The sellers, on the other hand, target a closest key support level at $3920. However, a huge demand and supply would determine the next direction.
With the current signal on the 4-hours RSI, Bitcoin appeared to likely follow a decline as reaching the oversold territory may position BTCUSD in a bearish zone. Breaking $4120 resistance could propel price to $4250 and beyond. As of now, the bulls still hold up tightly.
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