Bitcoin (BTCUSD) Price Forecast: March 24
The BTCUSD pair at the moment is in a strong bullish momentum trying hard not to fall by resisting sellers. Should the bulls increase their pressure, the resistance level of $28476.49 may not hold and it may extend to a $30500.00 upper high level and beyond.
Key Levels:
Resistance Levels: $24000.00 $25000.00, $26000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains strongly bullish on the higher time frames. This is clear as we can see the prices trading in the upper resistance area of the market indicating a strong uptrend.
The bulls were able to push the cryptocurrency up to the $28605.32 resistance value during yesterday’s session and have enhanced the price to stay in green at the upper resistance level in its recent high.
The coin price on the daily chart today is currently trading at the upper resistance at the $28139.99 support level. This affirms the high bullish impact on crypto. Further, the rising prices reclaimed more confirmation for a bullish recovery. Staying above the supply trend levels will give the coin more tendency to rise further.
Next, the price will rise further as shown by the stochastic indicator which is pointing up; this means that more upsides are certain which might possibly extend the price of Bitcoin to the $30500.00 upper resistance level in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Due to the high bullish impact, the market value of Bitcoin in the medium-term time frame (4H) is seen above the moving averages at the upper resistance trend level. This means that the pair is in a strong bullish trend.
The high bullish pressure on the cryptocurrency at the $28605.32 value during the last session has sustained the trend of the coin market above the supply levels in its recent high.
The coin price at the $28350.00 supply value which is above the two EMAs as the upper resistance area as the 4-hourly chart opens today indicates a strong uptrend and a more bullish impact on the coin. Thus, staying above the supply trend levels will make it capable for the coin price to rise further.
Thus, the BTCUSD price is showing an upward direction on the daily signal. This implies that the coin price may likely increase further and in this case, the coin price might remain strongly bullish to hit the $30500.00 upper high value in the coming days in its medium-term view.
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