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.
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.
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.
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