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BTC/USD Touches $59,249 Resistance; Is this a Reliable Bull Trend?

InsideBitcoins.com


Bitcoin (BTC) Price Prediction – March 19

The Bitcoin price hits the major resistance level at $59,249 instead of just battling with supports.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $65,000, $67,000, $69,000

Support Levels: $52,000, $50,000, $48,000

BTCUSD – Daily Chart

At the time of writing, BTC/USD is seen trading above the 9-day and 21-day moving averages as the price touches the high of $59,249. Since the coin is currently correcting upwards, we believe that BTC/USD is likely to cross resistances instead of just battling inactive supports. Today, BTC/USD reclaims $58,000 after closing at $57,644 yesterday.

Where is BTC Price Going Next?

Today, the Bitcoin price pulls back to where it is trading currently and may continue to head upward if the bulls keep dominating the market. Meanwhile, looking at the daily chart, BTC/USD is trading above the crucial levels that may now function as the support zones in the event a reversal occurs.

However, on the upside, as the coin moves above the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $60,000 as the technical indicator RSI (14) moves above the 60-level.

Moreover, bulls are banking on the support at $52,000, $50,000, and $48,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $58,000 level. More so, if buyers hold the bullish movement, they may likely hit the nearest resistance levels at $65,000, $67,000, and $69,000 respectively.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of a bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $58,380 which is now a key support level. The next key support levels are $56,000, $54,000, and $52,000.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $60,000 resistance. A climb above the mentioned resistance may further push BTC price to $62,000, $64,000, and $66,000 resistance levels. As it is now, for the main time, bears may likely return into the market as the RSI (14) is now revealed moving towards 55-level, suggesting more bearish signals.



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