BTC Price Prediction: A Break Of The Ascending Trend line Aims $42,000 Next

Rekha chauhan
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin v/s gold

BTC price opened the new trading week on a lower note. BTC gained nearly 30% in March. But it looks like the bulls are taking a breather near the higher levels.

  • Bitcoin (BTC) price edges lower on the first day of the fresh trading week.
  • Expect more downside if breaks below the bullish sloping line.
  • Further, vital support is placed at the 200-day EMA on the daily charts.

As of writing, BTC/USD trades at $45,704.88, down 1.57% for the day. The world’s largest and the most famous cryptocurrency by market cap holds the 24-hour trading volumes at $31,765,903,205 as per the CoinMarketCap.

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BTC price looks downside

Source: Trading view

On the daily chart, the Bitcoin price is trading near the crucial support zone of $45,000. A daily close below the level could witness more selling in the asset. The ascending trend line from the lows of $34,322.0 acted as a support for the bulls.

If BTC price breaks the bullish slopping line then it could reverse the prevailing price trend. Further, it would also coincide with the breach of the critical 200-day EMA (Exponential Moving Average) at $44,832.58.

The first downside target could be found at $44,000 followed by the 50-day EMA at $42,714.

On the flip side, a decisive close above the session’s high would invalidate the bearish outlook for the pair. In that scenario, an immediate upside target could be located at the horizontal resistance level of $48,000.

Bitcoin price surged 40% from the February lows and tagged the $48,000 mark for the first time since late December.

Technical indicators:

RSI: The daily Relative Strength Index sliced below the average line indicates a challenge for the bulls.

MACD: The Moving Average Convergence Divergence trades above the mid-line but with a neutral bias.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.