Bitcoin (BTCUSD) Price Forecast: March 16
The Bitcoin (BTCUSD) price is likely to grow more and may likely hit the $28500.00 upper resistance value soon. Having finished the downward correction, the crypto might likely continue its upside move if the current support at $19569.00 value holds, and the daily chart closes above the $24929.00 resistance level, then there is a high probability of the price going up to its recent swing high, which is $25818.00 resistance trend line and beyond.
Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The Long-term market value of BTCUSD is moving in a bullish direction. During yesterday’s session, the pair reached and held the $24618.00 resistance level. This has made it possible for the coin to remain in an uptrend in its recent high.
As a result of today’s buyers’ success in pushing the cryptocurrency up to the $24929.00 resistance level above the moving average lines, it is anticipated that the coin will once again reach its former highs. Because of this, buyers must increase the intensity of their market activity in order to reach a considerable level in the above supply zone.
Thus, buyers may likely continue the uptrend rally as indicated by the momentum indicator which is pointing up. It is therefore expected of the bulls to take us high and rally above the $25818 resistance level. This may further extend the price of Bitcoin to hit the $28500.00 upper resistance value in the days ahead in its long-term view.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The BTCUSD market is in a bullish race in the medium-term outlook. The buy traders also made an upward move to the $24479.00 resistance level before the end of the yesterday’s session. This gave buyers more strength to continue with the trend.
After the interaction from the sell traders, buyers successfully pullback to the $24929.00 high level above the two EMAs; this is an indication of more commitment on the part of the bulls.
Also, the momentum indicator pointing upward on the daily stochastic, implies that the price action of Bitcoin will continue in an upward trend if the current support level of $24296.00 holds as it is expected of buyers to hit rally above the $28500 upper resistance level in the days ahead in the medium-term perspective.
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