NewsletterBTC Price Prediction: Here’s How Bitcoin Can Overcome its Stagnant Price Behavior
BTC Price Prediction: Amid the recent correction phase in the crypto market, the Bitcoin price plummeted below the $22500 support and revisited the support trendline of a falling wedge pattern. Anyhow, the most common outlook after a retest to this support trendline is a bullish reversal to hit the overhead trendline. However, Bitcoin price has been trading sideways for the past three days, creating a sense of uncertainty in the market.
Key Points:
- Over the past two weeks, the Bitcoin price has tumbled 11% and currently exchanges hands at the $22416 mark.
- The ongoing consolidation between the $22700 and $20050 levels can be considered a no-trading zone.
- The intraday trading volume in Bitcoin is $14.5 Billion, indicating a 9% gain.
Source-Tradingview
The Bitcoin price displays the ongoing correction as the formation of a falling wedge pattern in the 4-hour time frame chart. The coin price bounced off from the pattern’s trendline several times indicating the traders are strictly respecting this pattern and are likely to follow its potential target as well.
On March 3rd, the BTC price witnessed a significant sell-off and plunged back to the pattern’s support trendline. This strong footing should have assisted buyers in a bullish reversal, but instead, the coin price turned sideways.
Also Read: Top Eco-Friendly Crypto Projects To Invest In 2023
Over the past three days, the BTC/USDT pair showed multiple short-body candles reflecting indecisiveness among market participants.
However, the Bitcoin price still inside the wedge pattern holds the potential for a significant upswing once it breaks the overhead trendline. A bullish breakout from the pattern’s resistance trendline will signal the recuperate bullish momentum and bolster buyers to rechallenge the $25200 barrier.
Technical indicator
RSI: despite the minimal price movement in price action, the daily RSI slope moves higher indicating growth in underlying bullishness and a higher possibility for price reversal.
EMAs(4-hour chart)-: A death crossover between the 50 and 200 EMA hints prolonged correction phase for Bitcoin
Bitcoin Price Intraday Levels
- Spot rate: 22439
- Trend: Bearish
- Volatility: High
- Resistance levels- $22700 and $2400
- Support levels- $22500 and $21500
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