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Bitcoin Price Prediction: BTC/USD Breakdown Below $7,821 Looms, Can Bulls Bounce Back?

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)

Key levels:

Resistance Levels: $8,500, $8,700, $8,900

Support Levels: $6,900, $6,700, $6,500

BTCUSD – Daily Chart

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.

BTCUSD – 4 Hour Chart

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.

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.