Bitcoin Price Prediction – March 6
At the time of writing, the Bitcoin price prediction is dropping over 1.60% within 24 hours as it trades at the $38,773 level.
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BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $34,000, $32,000, $30,000
The daily chart reveals that BTC/USD failed to break above the previous resistance level of $39,000. Moreover, the Bitcoin (BTC) begins the day off by trending lower towards the support level of $38,000 below the 9-day and 21-day moving averages. However, the first support level is located at $38,000. Beneath this, support lies at $34,000, $32,000, and $30,000 levels.
Bitcoin Price Prediction: Bitcoin (BTC) May Consolidate to the Downside
Today’s trading marks another day that the Bitcoin price fails to stay above the moving averages as it looks to set up another few days of negative price declines beneath $38,500. Meanwhile, a break above the opening price of $39,407 would have set the first digital asset up to reach the nearest resistance at the $40,000 level. In other words, traders can see Bitcoin fails to break up as the technical indicator Relative Strength Index (14) is facing the downside.
Nevertheless, the Bitcoin price couldn’t go higher as it is seen dropping towards the lower boundary of the channel. More so, should the technical indicator moves below 40-level, the market price may end within the negative side, but on the contrary, moving towards the upside could meet the resistance levels at $45,000, $47,000, and $49,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bulls are coming back into the market as the coin moves to cross above the 9-day moving average. However, if the bulls put more pressure, the Bitcoin price my hit the resistance level of $43,000 and above.
However, if the sellers bring the current market value downward, traders may expect a slide below the lower boundary of the channel; breaking this barrier may further allow the coin to hit the support at $36,000 and below. At the moment, the technical indicator Relative Strength Index (14) is moving to cross above 40-level which could give additional bullish signals shortly.
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