Bitcoin (BTC) Price Prediction for March predicts correction
Bitcoin (BTC) price may correct for the remainder of March after completing a long-term upward movement.
The weekly chart for Bitcoin (BTC) offers a positive outlook. There are several reasons for this.
First, the price broke out of a long-term descending resistance line that had been in place since the all-time high. Second, BTC price retook the $19,000 horizontal support area after previously deviating below it in June 2022. Third, the weekly RSI broke out from its own descending resistance line and moved above 50. Finally, Bitcoin price created a bullish engulfing candlestick for two weeks. page (green icon).
Therefore, the most likely direction of the future movement is a rise to the $30,700 resistance area.
If the trend loses momentum, BTC price may fall to the $19,000 support area. However, the trend is considered bullish as long as BTC trades above this level.
Bitcoin (BTC) Price Prediction for March is Bearish
Despite the bullish outlook from the weekly timeframe, the daily chart price is bearish. There are many reasons for this, led by the deviation above the $24,000 resistance area. Afterwards, the Bitcoin price fell below the area, validating it as resistance.
Next, the price appears to have completed a five-wave upward movement (black).
If so, the digital asset is now either in an ABC (red) or five-wave downtrend (black). Both suggest that the price will decline between the 0.382-0.618 Fib retracement support level of $19,217-$21,582.
Due to the long time it took for the upward movement to complete, the price is likely to correct for all of March and possibly even parts of April.
However, a rise above the yearly high of $25,250 would mean that the upward movement will continue. If so, peaks near $27,000 would be expected.
To conclude, the most likely Bitcoin price prediction for March is a decline to the 0.382-0.618 Fib retracement support area of $19,217-$21,582. This bearish Bitcoin price forecast will be invalidated with a rise above the yearly high of $25,424.
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