Bitcoin (BTC) Faces Further Selling If the Market Fails to Push Above $6,000

Azeez Mustapha
15 March 2020 | Updated: 15 March 2020

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
After the last breakdown on March 12, the coin dropped from the high of $8,000 to the low of $4,600 and then resumed consolidation. Bitcoin has continued to fluctuate between $4,500 and $5,500. The bulls are currently facing resistance at $6,000 after a break above $5,500. Bitcoin recovery will be impossible if the market fails to push above $6,000. The downward move may resume if Bitcoin fails to push above $5,500 and $6,000, there is a likelihood of price falling. The bears may take advantage and break below $4,500 support and this may extend to the low of $3,800.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is currently below zero line of the MACD. When the MACD line and the signal line are below zero line; it indicates that it is a sell signal. The moving averages also have a bearish crossover as the 21-day SMA crosses below the 50-day SMA

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, the market is still fluctuating between $4,500 and $5,500. The price has broken above $5,500 but was resisted at the $6,000. The bull’s upward move is pretty difficult as Bitcoin faces selling pressure at higher price levels.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin is level 25 of the daily Relative Strength Index. BTC has fallen into the oversold region of the market. This is an indication that buyers are likely to emerge in the oversold region. The market has reached the level of a buy signal.

General Outlook for Bitcoin (BTC)
Bitcoin is currently consolidating between $4500 and $5,500.At the initial upward move, the bulls have been repelled. The pressure is likely to extend to the lower price range. The downward movement will resume if price breaks

Instrument: BTC/USD
Order: Buy
Entry price: $5,700
Stop: $4,800
Target: $8,000

Note: Learn2Trade.com is not a financial advisor. Do your 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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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.