BTC/USD Retreats Below $41,000 Level

Bitcoin Price Prediction – March 17

The Bitcoin price prediction is now showing signs of market correction as its price moves below $41,000 to touch the low of $40,521.

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

Key levels:

Resistance Levels: $46,000, $48,000, $50,000

Support Levels: $36,000, $34,000, $32,000

BTC/USD is currently trading below the $41,000 level as the price moves to cross below the 9-day and 21-day moving averages. However, the consolidation could be coming to an end according to the technical indicator which indicates that the king coin might likely drop more before rising again.

Bitcoin Price Prediction: Bitcoin (BTC) May Flash More Bearish Signals

Presently, the Bitcoin price is changing hands at $40,903, which could still mark a significant rally below the moving averages. However, where BTC trends next may depend on whether sellers can close today’s candle below the $41,000 level. However, should in case this comes to play, it may propel prices lower. Looking at the daily chart, traders may expect BTC/USD to fall below $40,000 support which could later move towards the critical support levels at $36,000, $34,000, and $32,000 respectively.

On the other hand, if the Bitcoin price failed to close below the $41,000 level; the price may face the upper boundary of the channel. Nevertheless, crossing above the upper boundary of the channel may send the price to the resistance levels of $46,000, $48,000, and $50,000. Now, the technical indicator Relative Strength Index (14) recently reveals a sign of trend reversal, which shows a possible bearish momentum is coming into the market soon.

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

On the 4-hour chart, BTC/USD is currently trading around $40,803 below the 9-day moving average after touching the resistance level of $40,913 as the Bitcoin price consolidates.

However, if the buyers could energize the market, they can push the price above the moving averages and this could push the market price towards the resistance level of $43,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) remains above 60-level, but any further bearish movement could reach the support level of $38,500 and below.

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