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Bitcoin Price Prediction: BTC/USD Bears Gradually Gaining Momentum as the Price Falls Below $6,900

Bitcoin (BTC) Price Prediction – April 21

BTC/USD is trading below the big $7000, suggesting vulnerabilities to the downside.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $7,900, $8,100, $8,300

Support Levels: $5,900, $5,700, $5,500

BTCUSD – Daily Chart

BTC/USD has put the traders under a nail-biting situation today as the coin kept heading downwards till just now. From its pulled-back price level of $9,766, BTC price has bounced up to $6,822 with a rebound. The coin was above $6,900 when the day opened, and the price correction drove the coin below $6,900. Such a notable price decline has triggered doubts amongst the crypto community.

Moreover, as the coin is trading at $6,822.35 and displays an intraday loss of 0.23%. The prevailing trend is bearish with expanding volatility. The leader of cryptocurrencies currently consolidates in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the bullish trend. In this case, we expect BTC/USD to rise above $7,300 resistance and could move towards the potential resistance levels at $7,900, $7,700 and $7,500.

However, should Bitcoin price continues to remain below the 9-day and 21-day moving averages; the price could drop to $6,500 vital support. A further low drive could send the price to $5,900, $5,700 and $5,500 support. The technical indicator stochastic RSI has recently revealed a sign of trend reversal, which shows a possible more bearish momentum, may continue to play out.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $6,925 to reach around $6,781. More so, if the price continues to drop further and move below the channel, it could reach the nearest support levels at $6,500 and below.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, BTC/USD may likely reach the potential resistance levels of $7,100 and above. Presently, the market is indecisive as the stochastic RSI indicator moves in the same direction.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.