BTC/USD Risks Fresh Drop Below $35,000 Support
Bitcoin Price Prediction – March 6
The Bitcoin price prediction reveals that BTC is yet to gain strength above the moving averages as the coin shows a few bearish signs.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $35,000, $33,000, $31,000
After another failure to clear the $39,000 resistance, BTC/USD remain below the 9-day and 21-day moving averages. The Bitcoin price could begin another decline if bulls failed to push it above the moving averages. At the opening of today’s trading; the touches the resistance level of $39,407 but any further bearish movement may keep the coin within the bearish zone.
Bitcoin Price Prediction: Would Bitcoin (BTC) Head to Downside?
As the Bitcoin price hovers below the moving averages, moving towards the lower boundary of the channel may begin to show bearish signs below the $38,000 and $36,000 levels. More so, if there are more losses, the price could break the major supports at $44,000, $46,000, and $48,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to move below 40-level to increase the bearish movement.
On the other hand, if the king coin crosses above the moving averages; it could begin a bullish movement. Moreover, the main resistance could be located around $40,000 level and a clear break above this level may possibly push the price towards the resistance levels of $44,000, $46,000, and $48,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the coin may gain the lost momentum to hit the trade above $40,000 but at the moment, the volatility still hovers, and the selling pressure exists which could lead the coin not to be able to cross above the 9-day and 21-day moving averages. Meanwhile, the $36,000 and below may come into play if BTC breaks below the lower boundary of the channel.
However, if the buyers can still reinforce and power the market, traders can expect a retest at a $39,500 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $41,500 and above. The Relative Strength Index (14) is seen below 40-level which shows that more bearish signals may continue to play out.
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