Bitcoin (BTC) Price Prediction – April 28
BTC/USD is struggling to recover above $7,800 but the coin remains at a risk of a breakdown below the $7,700.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,500, $8,700, $8,900
Support Levels: $6,900, $6,700, $6,500
BTC/USD has been struggling to maintain its position above $7,800 but its price saw another dive below the $7,700 mark today. The coin may be in a dangerous position as the price faces the south. If the breakthrough is confirmed, the downside momentum may gain traction with the next focus on $7,600. At the time of writing, Bitcoin was still above the moving averages of 9-day and 21-day at $7.753.01.
However, an upside break above the upper channel is a must to start a substantial recovery. Meanwhile, the next hurdles may be seen near the resistance levels of $8,500, $8,700 and $8,900. On the downside, initial support is near the $7,300 level and if there is a successful break below the support level of $7,100, the bears are likely to gain strength by bringing the price to a low of $6,900, $6,700 and $6,500 respectively.
Currently, Bitcoin price is following a dominant bullish bias and a glance at the RSI indicator displays a slightly negative picture for BTC in the near-term. In addition, maintaining a gradual upward trend in the positive region, the RSI (14) should increase as a signal for an increase in buying entries.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price first went up a little bit before falling, bringing its price from $7,815 to reach around $7,674. Should the price continue to drop further and move below the 9-day and 21-day moving averages, it could reach the nearest support levels at $7,500, $7,300 and $7,100.
Moreover, if the bulls push the coin above the channel, the price of Bitcoin may likely reach the potential resistance levels of $8,000, $8,200 and $8,400. Presently, the market is indecisive as the RSI (14) indicator moves above 60-level.
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