BTC/USD Ready to Retrace Above $40,000 Resistance


Bitcoin Price Prediction – March 12

The Bitcoin price prediction shows BTC moving from the opening price of $38,472 as the buying interest may increase on approach to $40,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $34,000, $32,000, $30,000

BTCUSD – Daily Chart

BTC/USD is moving sideways as the coin establishes a cross above $39,000 but currently rebounding to retest previous resistance at $40,000. The king coin may look for some resistance levels above the 9-day and 21-day moving averages on its way to the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Reclaim $39,500 Resistance

In the past few hours, after the Bitcoin price begins the daily movement, the king coin is now facing the resistance level of $39,500 and looking forward to reclaiming the resistance level of $40,000. However, the daily chart reveals that if the 9-day moving average stays above the 21-day moving average, it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $38,000 support breaks down, but the price could rise if the $40,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remains above 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $44,000, $46,000, and $48,000 but any movement towards the lower boundary of the channel could hit the supports at $34,000, $32,000, and $30,000.

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BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day moving average as the technical indicator Relative Strength Index moves in the same direction below 50-level. From above, if the Bitcoin price crosses above the moving averages, the bullish influence could spike and the accrued gains massively.

BTCUSD – 4 Hour Chart

However, the current candle could retreat towards the lower boundary of the channel and may target the support level of $36,000 and below, but the best the bulls can do is to hold above the resistance level of $40,000 and keep their attention on breaking the potential resistance at $42,000 and above.

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