Bitcoin (BTC) Price Analysis — March 13

  • The crypto will fall to the $3,800 support level if the bears break the EMAs.
  • On the upside, the bulls are likely to defend the $3,800 support level if the price falls to that level.

Bitcoin, BTCUSDBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,800, $3,600, $3,400

Yesterday, March 11, the price of Bitcoin was in a bearish trend. On March 9, the crypto’s price reached a high of $4,017.30 but was resisted. The price of Bitcoin has been falling in the last four days after testing the $4,000 resistance level. Today, the BTC price has fallen to the low at $3,927.60.

From the daily chart, the bears have broken the 12-day EMA and if the bears break the 26-day EMA, the crypto will fall to the support at $3,800 price level. On the downside, if the bears break the $3,800 support level the crypto’s price will resume its downward trend.

On the upside, the bulls are likely to defend the $3,800 support level if the price falls to that level. The price of Bitcoin will rise at the support level. Meanwhile, the stochastic indicator is out of the oversold region but below the 80% range which indicates that the crypto is in a bearish momentum and a sell signal.

BTC/USD Short-term Trend: Bearish

Bitcoin, BTCUSDBitcoin Chart by TradingView

On the 4-hour chart, the price of Bitcoin was in a bearish trend. Yesterday, the crypto’s price fell to the low at $3,903.90 but the bears pulled back above the EMAs. This was resisted by the EMAs as the crypto’s price fell back  to the bearish trend zone.

Nevertheless, if the bearish trend continues the crypto’s price is likely to reach the $3,800 support level. Meanwhile, the stochastic band is out of the oversold region but above the 60% range which indicates that the crypto is in a bearish momentum and a sell signal.

 

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