BTC/USD Trades Below $40,000 Level
Bitcoin Price Prediction – March 13
The Bitcoin price prediction shows that BTC is currently down with 0.33% after staying below the moving averages.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $34,500, $32,500, $30,500
The daily chart reveals that BTC/USD is trading below the $40,000 support level. As the Bitcoin price fails to stay above this level, the coin may see another sharp drop below the support level of $38,500. However, the 9-day MA is already below the 21-day MA as the Relative Strength Index (14) moves below 40-level.
Bitcoin Price Prediction: Bitcoin (BTC) Ready to Fall More
The daily chart reveals that the Bitcoin price refuses to keep moving above the $40,000 as the coin may set up another few days of negative price declines. Therefore, the first support level could be located at $35,000. Beneath this, other support lies at $34,500, $32,500, and $30,500 levels. Meanwhile, a break above the 9-day and 21-day moving averages could set Bitcoin up to retest the $43,000 level.
Now, the Bitcoin price is likely to head to the south to create new support. However, traders can see that the Bitcoin price is ready to drop more, although, it does look unlikely that the bulls may end up closing above this barrier. More so, if the coin moves toward the upside, the king coin could locate the potential resistance levels at $44,000, $46,000, and $48,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
The 4-hour chart shows that the Bitcoin price is moving sideways as the king coin remains below the 9-day and 21-day moving averages. Although the Bitcoin price has not yet slipped below $38,000, it’s still in the loop of making a bounce back.
Looking at the 4-hour chart, BTC/USD may slide towards the lower boundary of the channel, but any possible bullish movement may push the price to the resistance level of $41,000 and above. On the other hand, any further bearish movement may locate support at $37,000 and below. The technical indicator Relative Strength Index (14) is likely to cross below 40-level, suggesting bearish movement.
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