BTC/USD May Cross Above $50,000
Bitcoin Price Prediction – March 28
The Bitcoin price prediction is currently trading above the resistance level of $47,500 as the coin plans to continue higher.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD begins the day with a tremendous bullish movement as the coin touches $48,240 in the early hours of today, but at the time of writing, the king coin is now trading towards the upper boundary of the channel. However, within a few hours of the day, BTC/USD may touch another daily high of $49,000 but now changing hands at $47,661.
Bitcoin Price Prediction: BTC Price Ready to Cross Above $49,000 Level
At the moment, the Bitcoin price is yet to hit $50,000 resistance as the coin keeps moving to the upside above the 9-day and 21-day moving averages. Meanwhile, when the new bullish movement begins to form, the Bitcoin (BTC) may use the 9-day moving average as the nearest support level. But as long as the 9-day MA remains above the 21-day MA, the market may continue to follow the upward movement.
However, if the market decides to go down, traders may see a further drop to $44,000, $42,000, and critically $40,000. More so, the resistance levels are located at $52,000, $54,000, and $56,000 respectively. Meanwhile, the signal line of the Relative Strength Index (14) moves to cross into the overbought region to suggest more bullish signals.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently trading around $47,525 above the 9-day and 21-day moving averages. The chart also reveals that the bullish supply is coming up slowly in the market as the bears are also dragging the price down. Meanwhile, the $45,000 level and below may come into play if BTC breaks below the moving averages.
Meanwhile, as soon as bulls push the coin above the upper boundary of the channel, traders can expect more uptrends. Therefore, breaking the mentioned barrier could also allow the bulls to touch the resistance level of $50,000 and above. However, BTC/USD is consolidating currently on the medium-term outlook as the Relative Strength Index (14) moves within the overbought region.
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