Forexrobots24

forex advisor developer

Bitcoin Weekly Price Forecast: Will BTC/USD Bears Comeback?

Bitcoin Price Technical Outlook

  • Bears ease up, yet still in charge
  • Key levels and thresholds to know

BTC/USD – Bears Pullback

On March 13, Bitcoin rebounded from multi-month low at 3.908 then rallied after as bears seemed to cover. Last week, BTC/USD recovered some of its previous losses then closed the weekly candlestick in the green with 9.5% gain.

The Relative Strength Index (RSI) abandoned the oversold territory reflecting weaker downtrend momentum.

Bitcoin PRICE DAILY CHART (April 2, 2018 – Mar 23, 2020) Zoomed Out

Bitcoin daily chart price 23-03-20 Zoomed out

Traits of Successful Traders

Traits of Successful Traders

Recommended by Mahmoud Alkudsi

Traits of Successful Traders

Get My Guide

Bitcoin PRICE DAILY CHART (JAN 1 – Mar 23, 2020) Zoomed In

Bitcoin daily chart price 23-03-20 Zoomed in

Looking at the daily chart, we noticed that on March 13 the price rebounded from $3.908 then rallied as bear eased up. On Thursday, the market rallied to current trading zone $5.625 – $6.540. Later on, the price failed to move to the higher zone hinting that bears may come back.

Thus, a close below the low end of the zone might encourage bears to press towards $4.186. Further close below that level could send BTC/USD even lower towards $2.977. Nevertheless, the daily support levels underlined on the chart (zoomed in) should be monitored.

On the flipside, any close above the high end of the zone might cause a rally towards $7.824. Further close above that level could extend the rally towards $9.080. In that scenario, the daily and weekly resistance levels marked on the chart should be watched closely.

Building Confidence in Trading

Building Confidence in Trading

Recommended by Mahmoud Alkudsi

Building Confidence in Trading

Get My Guide

Bitcoin PRICE FOUR Hour CHART (Mar 1 – Mar 23, 2020)

Bitcoin four hour price chart 23-03-20

Looking at the four-hour chart, we noticed that on Monday the downtrend move corrected as created a higher low at $4.435. Its noteworthy that, any violation to the uptrend move originated from the March 13 low (discussed above in the daily chart) would be considered a bearish signal.

Thus, a break below $5.355 could send BTC/USD towards $4.435. That said, the daily support level underscored on the chart should be kept in focus. On the other hand, any break above $5.796 could start a rally towards $7.771. Yet, the weekly resistance level printed on the chart should be considered.

See the chart to know more about the critical levels in a further bearish/ bullish move.

USD Forecast

USD Forecast

Recommended by Mahmoud Alkudsi

Download our fresh Q1 USD Forecast

Get My Guide

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi