Published 21 mins ago
BTC Price Prediction: The Bitcoin price is trapped within a narrow range spread from the buying climax at $28500 and selling climax at $26600. Though this minor consolidation was earlier thought to recuperate the bullish momentum, the increasing FUD in the crypto market has led to prolonged sideways movement. Thus, the traders must form a breakout from either side of the range level to determine the potential price trend.
Key Points
- This narrow range of $28500 and $26600 can be considered a no-trading zone for Bitcoin.
- A potential bullish breakout from $28500 resistance could set BTC to hit the $31800 mark
- The intraday trading volume in Bitcoin is $20.3 Billion, indicating a 3.5% gain.
Source-Tradingview
In the last two weeks, the Bitcoin price trend has been strictly restricted to between the $28500 and $26600 levels, creating a narrow range. The coin price has reverted from the aforementioned levels at least twice indicating the market sentiment is suffering from uncertainty.
However, this consolidation came after a strong rally witnessed during March 2nd week suggesting the buyers are taking a breather. This narrow could assist traders to replenish the exhausted bullish momentum and resume the prevailing recovery.
Today, the BTC price surged 4% and rechallenged the $28500 resistance. However, a low-volume activity backing this bullish candle indicates less probability for a bullish breakout and more chances for side trend continuation for a few more trading days.
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Thus, interested trades must wait for a daily candle closing above the $28500 resistance to obtain a buying opportunity which may lead the BTC price 12% higher to reach the $31800 resistance.
On a contrary note, a possible breakdown below $26600 will invalidate the bullish thesis and encourage BTC for longer correction.
Technical Indicator
Relative Strength Index(4-hour): the RSI slope breached a downsloping trendline to enter the bullish territory indicating an additional confirmation for a $28500 breakout.
Exponential Moving Average(4-hour): the BTC price is obtaining dynamic support from the 20, 50, and 100 EMAs slope assisting buyers for a range breakout.
Bitcoin Price Intraday Levels
- Spot rate: $28430
- Trend: Bullish
- Volatility: High
- Resistance levels- $28500 and $31800
- Support levels- $26600 and $25250
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/btc-price-prediction-bitcoin-potential-breakout-28500-hints-12-rally/