At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our March 26 analysis of Bitcoin (BTC), we predicted that the price would move inside the confines of the ascending channel defined below. The price initiated an upward move later that day, but it is still trading inside the channel. This means that our prediction was validated. Our most recent predictions for Bitcoin can be found below:
![Bitcoin Market Outlook](https://beincrypto.com/wp-content/uploads/2019/03/BTC-Outlook-10.jpg.optimal.jpg)
Bitcoin (BTC): Trends and Highlights For March 27, 2019
- The price of Bitcoin has been on a short-term downtrend since Mar 21.
- Rapid price spikes on Mar 27 may have brought the downtrend to an end.
- BTC is trading inside a longer term ascending channel.
- There is bullish divergence developing in the RSI.
- There are support areas near $3840 and $3680 and $3340.
- There is resistance near $4120.
Ascending Support
The price of BTC on BitStamp is analyzed at two-hour intervals from Mar 17 to Mar 27. On Feb 17, the price made a low of $3553.80. A sharp upward move began. This was followed by a sharp correction. The price has been on a gradual uptrend since, with each low being higher than the previous one. Tracing these lows gives us an ascending support line:![Bitcoin Ascending Support](https://beincrypto.com/wp-content/uploads/2019/03/BTC-Ascending-Support.jpg.optimal.jpg)
Ascending Channel
On Feb 25, the price made a high of $3861.80. Since then, several market cycles have been completed with each high being higher than the preceding one. Tracing these highs gives us an ascending resistance line.![Bitcoin Ascending Channel](https://beincrypto.com/wp-content/uploads/2019/03/BTC-Ascending-Channel-1.jpg.optimal.jpg)
Bullish Divergence
The price of BTC on BitStamp is analyzed at two-hour intervals from Mar 21 to Mar 27 with the help of technical indicators. The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market. Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations.![Bitcoin RSI Divergence](https://beincrypto.com/wp-content/uploads/2019/03/BTC-Divergence-8.jpg.optimal.jpg)
Reversal Areas
In order to better determine possible future levels of resistance and support, the price of BTC on BitStamp is analyzed at one-day intervals from Dec 14, 2018 to Mar 26, 2019.![Bitcoin Reversal](https://beincrypto.com/wp-content/uploads/2019/03/BTC-Reversal-1.jpg.optimal.jpg)
Summary of Analysis
Based on this analysis, the price of BTC is likely to keep moving inside the confines of the ascending channel with steady, gradual price increases. It is also likely that short-term price increases may continue as Bitcoin moves closer to the resistance line. A drop toward support will likely follow in the near future after a high is reached. If price increases to resistance before falling to support, the prediction will be fully validated. A nearly immediate price drop without continued gains would partially validate this prediction. Similarly, a breakout with or without a drop back to support would offer partial validation. However, a breakdown below support would likely invalidate our prediction. Do you think BTC will eventually breakout from the channel? Let us know your thoughts in the comments below. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
![Valdrin-Tahiri.jpg](https://beincrypto.com/wp-content/uploads/2023/11/Valdrin-Tahiri.jpg.optimal.jpg)
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored