A price drop below $8000 is on the way as the technical indicators are indicating bearish trend continuation in the weekly timeframe. Here is the 26-28 March Bitcoin Technical Prediction.
26 March, AtoZForex – The Bitcoin or BTCUSD pair is trading at $8,140 down -3.68% at the time of writing. The coin has a market cap of $138 Billion. In the last 1 Week, the price has moved by $ -107.96 (-1.31%) with a total volume of over $ 6.81 Billion. The highest price, $ 9,184.51, was on Wednesday, 21 March 2018. The lowest price, $ 8,130.23, was on Monday, 26 March 2018. Will the BTCUSD pair remain above the $8000 mark?
26-28 March Bitcoin Technical Prediction
The Bitcoin has been trading in the narrow range over the past few days, following the bearish trend pattern. The 100 Simple Moving Average is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This signal that the rally is more likely to resume than the reverse. The relative strength index (RSI) has breached the descending triangle to the downside, signaling the BTCUSD pair will likely see a downside break of the trading range.
According to Fibonacci retracement charts, the BTCUSD pair breaks the 23.6% Fibo retracement channel. A robust bearish move could be seen the coming days. If the BTCUSD pair failed to stabilize at this point, then it might break the $7,400 lows. The technicals seem unfavorable for the Bitcoin at this point. Thus, a dip towards $7,400- 7,600 might be experienced in coming days.
The relative strength index(14) value is nearby 50 which means Neutral.
The CCI(14) valued at -92.3493 which signify selling signal in the weekly timeframe.
The STOCHRSI – Oversold in the weekly timeframe.
Moreover, according to ATR(14), the BTCUSD pair is Less volatile.
The Bitcoin has significant weekly support near $7458.2 level and resistance near $9393 level.
BTCUSD Weekly Pivot Points
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