Bitcoin (BTCUSD) Price Forecast: March 10
The BTCUSD pair at the moment is facing the downside and also ready to escape the downward moves as sellers look exhausted hence possible reversal is imminent at the $21625.78 low value. Should buyers exchange hands with the bears at the mentioned support and manage to sustain the coin price above the $25128.11 supply level, the jump could possibly reach the $27000.00 high level.
Key Levels:
Resistance Levels: $23000.00 $24000.00, $25000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The price of Bitcoin is currently moving downward. This is because of the short traders’ order flow. Currently, the coin price is a little below the moving average lines.
The downward move to the $21580.84 low value during yesterday’s session has contributed to its bearishness in its recent low.
The bears drop the price of BTCUSD down to a low at $21625.78 support value below the moving averages as the daily chart opens today. Thus, investors can also trade the coin at this trend and also make profits.
Further, the market is already oversold, thus, price reversal is certain at the mentioned support. This will bring the emergence of bulls to hibernate the selling pressure. If this is achieved, the $27000.00 resistance level might be reached in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The medium-term time frame chart indicates that the BTCUSD market is on a downward move. The sustained bearish pressure drops the pair further down to the $21580.84 support level in the previous action and sustained it.
At the time of writing, Bitcoin is trading at a $21662.68 support level below the moving averages as the 4-hourly chart opens today. However, traders can join the trend and buy at a lower price for more gains ahead. If the bulls should increase their price action, and bullish momentum is sustained far above the resistance trend lines, further bearish sentiment will be hibernated.
In addition, the Bitcoin market is presently below the 9% range of the daily stochastic in the oversold region, this implies that the selling pressure might be over soon and the next bullish ride may likely hit the $27000.00 resistance level soon as the BTCUSD market gets ready to escape the low-dips for more gains in its medium-term perspective.
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