Bitcoin May Bounce Over $6,000, If Bulls Buy Dips below $5,000

After the last bearish impulse of March 12, Bitcoin has consistently fluctuated between $4,400 and $5,500. Interestingly, neither the bulls nor the bears have broken these key levels. However, on March 16, Bitcoin dropped to the low of $4,467, and the bulls put up a challenge that was met with buying pressure, as BTC moved up above $5,000.

It is unclear whether the bulls will make an upward move or not as they face the resistance at $6,000. At the moment, Bitcoin lacks buying at higher price levels. However, if the bears turn around and break the $4,400 support, we will have another breakdown to the low of $3,800.

Bitcoin Indicator Reading 

Bitcoin has fallen to the oversold region twice but currently above the 20% range of the daily stochastic. The current bearish trend does not recognize the oversold region as the bulls fail to emerge at the appropriate time. Meanwhile, Bitcoin is in bullish momentum.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000  

What Is the Next Direction for BTC/USD?

Bitcoin is currently in a deadlock as the market remained confined between the levels of $4,500 and $5,500. The bulls have mounted more pressure at the upper price range to break the resistance level without success. It has been assumed that if the bulls buy below $5,000, the price can bounce over the $6,000 resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.