BTC Price Prediction: The Bitcoin price showed an unclear trend for the first week of March, creating a sense of uncertainty in the market. However, the second week started on a bearish note as the coin price witnessed 4% in the last three days. As of now, this downfall halts at a strong support 0.382 Fibonacci retracement level, holding the hope of coin holders. Can BTC price resume a bullish recovery from here?
- The Bitcoin price spread narrowing within the falling wedge pattern indicates a breakout opportunity nearby.
- The ongoing correction phase in BTC price will continue until the wedge pattern is intact.
- The intraday trading volume in Bitcoin is $21 Billion, indicating a 7.2% loss.
The Bitcoin price has been in a correction phase for nearly three weeks now and has experienced a decline of 13.8% from the peak of $25200. This downfall has plunged the coin price to a combined support zone of 0.382 FIB and $21500 psychological level and the lower support trendline of a falling wedge pattern.
By the press time, the BTC price trades at $21636 and continues to hover above $21500 support. Usually, a retest to trendline support of the wedge pattern triggers a minor bullish pullback to hit the overhead trendline.
Also Read: Top 10 Carbon Negative Cryptos For 2023
However, the interested buyer will need a breakout above the resistance trendline to obtain a long entry opportunity in Bitcoin. This breakout will signal the end of the ongoing correction phase and a higher possibility of uptrend continuation.
The post-breakout rally may soar the BTC price to the following targets of $22400, $23800, or $25000.
On a contrary note, a breakdown below the lower support trendline will invalidate the bullish thesis.
RSI: despite the declining price action, the daily RSI slope moving sideways signals the weakening of bullish momentum. Thus bullish divergence may offer additional confirmation for a wedge pattern breakout.
EMAs(4-hour chart)-: the 20-day EMA slope act as a dynamic resistance to Bitcoin price
Bitcoin Price Intraday Levels
- Spot rate: 21646
- Trend: Bearish
- Volatility: High
- Resistance levels- $22500 and $23800
- Support levels- $21500 and $20500
The post BTC Price Prediction: Where Will Bitcoin Price Head This Month; $25k or $18K? appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks