BTC Price Prediction: Over the past two weeks, the Bitcoin price has strictly resonated between the $28800 and $26600 levels. However, this narrow range is part of a bigger bullish reversal pattern that set the BTC price to a higher level. Thus, the ongoing consolidation could assist buyers to replenish bullish momentum and extend the prior recovery rally.
- The weekly chart showcasing the lower price rejection candles at the $26600 mark indicated the buyers are aggressive at lower levels.
- A bullish breakout from $28800 will release Bitcoin from the ongoing consolidation phase.
- The intraday trading volume in Bitcoin is $20.63 Billion, indicating a 3.3% loss.
During March’s second week, the Bitcoin price witnessed a massive inflow and breached the $25000 neckline resistance of the inverted head and shoulder pattern. This pattern is one of the famous reversal patterns and is often spotted at a downtrend bottom.
Thus, with the completion of this pattern with neckline breakout, the Bitcoin price is set for a potential target of $34250. However, the traders are currently witnessing a minor consolidation meant to check post-breakout sustainability at higher levels.
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The weekly candle showcasing two long-tail rejection at $36650 indicate the buyers are defending the newly reclaimed levels. As the bullish momentum recuperates, Bitcoin should break the $28500 overhead resistance by the coming week.
Anyhow, the buyers will need a daily candle closing above the $28500 resistance as confirmation to resume the prior recovery.
However, besides the $34250 target, the potential rally may face an in-between resistance at the $32000 mark.
MACD: in the weekly chart, the MACD(Blue) and signal(Orange) lines entering the bullish territory indicates the overall market sentiment as bullish.
Exponential Moving Average: The Bitcoin price has shown sustainability above the 20-and-100-weekly EMAs line, indicating the ongoing recovery rally could obtain pullback support from them.
Bitcoin Price Intraday Levels
- Spot rate: $28450
- Trend: Bullish
- Volatility: High
- Resistance levels- $28800 and $31800
- Support levels- $26600 and $25250
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