BTC/USD Retreats After Touching $42,000 Level

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Bit­coin Price Pre­dic­tion – March 19

The Bit­coin price pre­dic­tion increas­es dur­ing the Euro­pean ses­sion, but despite the retreat, the mar­ket is still mov­ing sideways.

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

Key lev­els:

Resis­tance Lev­els: $47,000, $49,000, $51,000

Sup­port Lev­els: $37,000, $35,000, $33,000

Bitcoin Price Prediction
BTCUSD – Dai­ly Chart

BTC/USD retreats as the bears are seen forc­ing the king coin to bow down to fresh loss­es. The first dig­i­tal asset is mov­ing side­ways above the 9‑day and 21-day mov­ing aver­ages. At the time of writ­ing, BTC/USD is chang­ing hands at $41,883 after adjust­ing from the resis­tance lev­el of $42,184 which is an intra­day high. More­over, the Bit­coin price may be vul­ner­a­ble to loss­es if the price cross­es below the mov­ing averages.

Bitcoin Price Prediction: Bitcoin (BTC) Bears May Resurface

Look­ing at the Bit­coin price from a tech­ni­cal angle, one can say that the mar­ket price may like­ly fol­low the down­trend or con­tin­ue to move side­ways because the bull­ish move­ment is yet to be vis­i­ble unless the 9‑day MA cross­es above the 21-day MA. How­ev­er, the tech­ni­cal indi­ca­tor Rel­a­tive Strength Index (14) may con­firm the bear­ish move­ment if the sig­nal line drops below 50-level.

How­ev­er, bulls are cur­rent­ly bank­ing on the mov­ing aver­ages to ensure that despite a rever­sal, the Bit­coin price stays above this bar­ri­er. Any bear­ish move­ment below this could push the coin towards the low­er bound­ary of the chan­nel and may cause the coin to reach the crit­i­cal sup­ports at $37,000, $35,000, and $33,000. Fol­low­ing the upward move­ment, if the coin cross­es above the upper bound­ary of the chan­nel, it may hit the poten­tial resis­tance lev­els at $47,000, $49,000, and $51,000 respectively.

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

As the 4‑hour chart reveals, the Bit­coin price is like­ly to cross below the 9‑day and 21-day mov­ing aver­ages while the bulls are try­ing to defend the $41,500 sup­port. If not, the sup­port lev­el of$40,000 and below may come into play if the coin focus­es on the down­ward movement.

BTCUSD – 4 Hour Chart

More­over, buy­ers may need to regroup and hold the sup­port of $41,800, once this is done, traders may expect a move towards the upper bound­ary of the chan­nel, and break­ing this bar­ri­er may push the king coin to the resis­tance lev­els of $44,000, $46,000, and $48,000. Mean­while, the tech­ni­cal indi­ca­tor Rel­a­tive Strength Index (14) is like­ly to drop below 60-lev­el, sug­gest­ing a bear­ish movement.

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