PRESS RELEASE: A Potential Big Move is Around the Corner for Bitcoin (BTC)

Bitcoin (BTC) Price Analysis – March 11. With the current market cap at $69 billion, Bitcoin is on a long consolidation as traders are much-anticipating for the next big wave. The tight areas hold at $3,800 low and $4,200 high. Losing -0.31%, BTC 24-hours trading currently stabilizes at $3920 price level. However, the market still remains in a red zone.

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:

Resistance levels: $4200, $4400, $5000;

Support levels: $3800, $3600, $3400;

Obviously, Bitcoin is slowly gaining recovery following the 2018 market crash as it struggles to near the long-term 200-days moving average (red line). The $4200 strong resistance holds for the bear side and has been a ‘tough level’ for the bull sides to surpass since the beginning of 2019.

BTCUSD, 1D Chart – March 11

For

the past two weeks, the market has been consolidating with choppy

price action; as revealed on the daily RSI trending on side-way. Now,

the trading appears to be moving upward. The next key resistance

level is expected at $4200.

A

swing low is likely to retest the $3,800 strong support; as reflected

on the Stochastic RSI. These mentioned support and resistance levels

hold defensively for the buyers and the sellers.

However,

a price break at these defensive levels could send the coin to the

next wave.

BTC/USD Medium -term Trend: Ranging (4H Chart)

Bitcoin appears on a long sideway movement with choppy price action; as shown on the 4-hours RSI. This reflects low price volatility as trading is inactive. Currently, BTC 24 hours trading volume is estimated at $9.7 billion; according to CoinCapMarket. With this appearance, a potential big move is around the corner.

BTCUSD, 4H Chart – March 11

Since

February, BTC has been respecting the major 200-days moving average

(red line) as it trends below the price action. A price surge is

likely to shoot the coin to $4200, $4300 $4400 resistance levels.

Similarly, breaking the $3,800 support, where the red line lies could

send price to the bottom of $3,650 key support.

At the moment, BTC is waiting for the next move. The 4-hours Stochastic RSI suggests the trade is reaching the oversold area.

Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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