In today’s Bitcoin price prediction, if BTC has a price breakout, the bulls will break the resistance level of $4,200 and rally above it.
In this month of March, the price of Bitcoin has made some steady progress after another fast dip in late February. At the beginning of this month, the price was around $3,600 but an 11% growth has followed and is now a little above $4,000.
On March 28, the price was in a bullish trend. However, BTC price dropped to the low at $4,081.50 and started a range bound movement above the 12-day Exponential Moving Average (EMA) as well as the 26-day EMA. In a range bound movement, the price of the cryptocurrency will go either way.
Today, March 29, Bitcoin price is still ranging above the EMAs, above the $4,000 price level.
On the upside, if BTC has a price breakout, the bulls will break the resistance level of $4,200 and rally above it. However, if it has a price breakdown, the bears will break below the EMAs and find support at the price level of $3,800.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line. This indicates a buy signal. Bitcoin price is above the 12-day EMA as well as the 26-day EMA, indicating that price is in the bullish momentum.
As the 1-hour chart shows, Bitcoin price is in a bullish trend. The price is trending above the 12-day EMA as well as the 26-day EMA, signalling that BTC price is in the bullish trend. Bitcoin price falls to the support of the EMAs every time the bulls were resisted at the $4,000 or $4,100 resistance levels.
BTC bulls will then commence their bullish momentum. The price is ranging below the price level of $4,100. Today, the price is above the EMAs which indicates that price is likely to rise. Moreover, the MACD line and the signal line are above the zero line showing a buy signal.
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