Bitcoin Price Prediction – March 9
As the Bitcoin price prediction shoots above $42,000, the bulls are ready to push the king coin to hit the resistance level of $45,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $34,000, $32,000, $30,000
BTC/USD is following a bullish movement, and the king coin may begin an increase above the 9-day and 21-day moving averages. At the beginning of today’s trading, the Bitcoin price sees a steady rise towards the $42,500 resistance level, and the Bitcoin price hits the daily high at $42,562. At the time of writing, BTC/USD is likely to settle above the upper boundary of the channel to increase the bullish movement.
Bitcoin Price Prediction: BTC Price May Rise to the Upside
The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages as the market price prepares to cross above the upper boundary of the channel. However, any further increase in the bullish movement could increase the current market value to reach the nearest resistance at $44,000. The buyers may locate the potential resistance levels at $48,000, $50,000, and $52,000 if the bulls put more effort.
In the meantime, if the resistance level of $42,000 fails to hold, it may reverse and face the support level of $40,000, further increase in the bears’ pressure may bring down the price below the moving averages, and this could cause the king coin to hit the support levels at $34,000, $32,000, and $30,000 respectively. Moreover, the technical indicator Relative Strength Index (14) may cross above 60-level to increase the bullish movement.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages at a price value of $42,461. With the look of things, the bulls may continue to push the price towards the upper boundary of the channel but any bearish cross below the moving averages may bring the coin towards the support level of $39,500 and below.
Moreover, if the Bitcoin price finds a decent resistance level at $44,000 level, the first digital asset may continue the bullish movement above the upper boundary of the channel to hit the resistance level of $45,000 and above. Now, the technical indicator Relative Strength Index (14) may cross into the overbought region, suggesting additional bullish signals into the market.
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