Bitcoin (BTCUSD) Price Could See another Uphill Trend Soon

Bitcoin (BTCUSD) Price Forecast: March 13
The Bitcoin (BTCUSD) price could see another uphill trend soon. The coin price may likely reverse in a bullish direction, and it may soon be prepared for another probable upward surge. The price may perhaps retrace to retest the previous high of $25128.11 and even further if buyers can demonstrate their strength and trade hands with sellers at the current support level of $19900.50.

Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00

BTC (USD) Long-term Trend: Bearish (Daily Chart)
The Bitcoin market is having a bearish posture in its long-term outlook as can be seen from the chart below. This is due to the inflow from the sell traders. The sustained pressure from the bears at the $19568.52 support level during yesterday’s session has contributed to its bearishness in its recent low.

Today, the bears however made a drop to a $19900.50 support level below the moving averages. Given the current trend, buyers are able to purchase the item at a lower cost and push the market higher. Thus, the price tendency will climb over the crucial levels if the bulls raise their level of market tension.

Further, BTCUSD is likely going to reverse and face the upsides as the market is now trading around the 30% range of the daily stochastic; it means that the selling pressure will end soon. This will compel the buy traders to resume an uptrend and may likely break up the $25128.11 supply level soon in its higher time frame.

BTC (USD) Medium-term Trend: Bearish (4H Chart)
According to the chart below, the medium-term outlook for the Bitcoin market is in a bearish trend zone. It also indicates the impending next significant price shift. The bulls have benefited from the recent market structure.

The $20337.09 price level served as a solid resistance for the coin price as a pullback below the two EMAs as the 4-hourly session resumes today. Because there is currently a bullish correction in place, it is extremely likely that the bulls will continue climbing.

Similar to how the daily stochastic is pointing upward in the oversold area of the daily signal; the BTCUSD price is likely to continue moving north. This indicates that there is no longer any selling pressure, and we can anticipate the forthcoming bullish correction phase to quickly achieve a high of $25000.00 in its medium-term time frame.

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