Bitcoin Price Prediction: BTC/USD Ready to Spikes Above $42,000
Bitcoin Price Prediction – March 18
The Bitcoin price prediction reveals that BTC shoots above $41,500 level to trade above the upper boundary of the channel.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD is moving sideways, and it is likely to start a new increase if the 9-day moving average crosses above the 21-day moving average. At the beginning of today’s trading, the Bitcoin price touches the low of $40,130 before following a steady increase towards the $42,000 resistance level as the king coin touches the daily high of $41,683. At the time of writing, BTC/USD is likely to settle above the upper boundary of the channel in the next positive direction.
Bitcoin Price Prediction: BTC Price May Cross Above the Channel
The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages while the market price prepares to cross above the upper boundary of the channel. However, any further increase in the bullish movement could increase the price above the channel. Meanwhile, another resistance may come at $44,000 before reaching the potential resistance of $47,000, $49,000, and $51,000 levels.
However, if the resistance level of $42,000 fails to hold, it may reverse and face the support level of $40,000 as a further increase in the bears’ pressure may bring down the price below the 9-day and 21-day moving averages, and this could cause the king coin to hit the supports at $36,000, $34,000, and $32,000. In the meantime, the technical indicator Relative Strength Index (14) stays above 50-level to increase the bullish movement.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
As revealed on the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages at a price value of $41,528. However, with the look of things, the bulls may keep pushing the Bitcoin price above the moving averages but any bearish cross below this barrier may bring the coin towards the support level of $39,000 and below.
Moreover, if the Bitcoin price finds a decent resistance level at $42,000 level, the first digital asset may continue the bullish movement towards the upper boundary of the channel which may likely hit the resistance level of $44,000 and above. However, the technical indicator Relative Strength Index (14) moves to cross into the overbought region, suggesting additional bullish signals into the market.
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