Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Bitget Token Price Forecast: March 17
Biget Token commenced the year in a consolidation phase, characterized by a narrow trading range. The 9-period Moving Average provided support until January, when the 21-period Moving Average converged, signalling a reversal. Throughout this period, the Relative Strength Index (RSI) indicated an overbought market, suggesting that the bulls were losing momentum. The bulls’ failure to sustain upward momentum led to a change in market direction.
In early February, the 9-period Moving Average crossed below the 21-period Moving Average, confirming a bearish trend. Concurrently, the RSI slope had already transitioned into a bearish trajectory, departing from the overbought region and signaling a downtrend. The daily candles subsequently repositioned below the Moving Averages, revealing the ongoing decline.
Biget Token Forecast: BGBUSD Outlook
The price has declined into the significant bullish order block at $3.90, resulting in the formation of a double bottom pattern. However, the pattern remains unconfirmed until a breakout above the neckline occurs. A breach of the $3.90 support level is expected to precipitate a price decline to $2.70. Conversely, a successful breakout above the neckline could invalidate bearish crypto signals and pave the way for a potential reversal.
BGB Medium-Term Trend: Ranging
On the 4-hour timeframe, a descending triangle pattern is evident. This formation typically suggests a bearish bias, but a breakout in either direction will provide insight into the market’s next direction. Currently, sellers maintain dominance, but a breakout above the triangle’s resistance could shift the balance in favor of the bulls.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.