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Bitcoin Price Prediction: BTC/USD Breaks Consolidation Pattern; $8,000 Next?

Bitcoin (BTC) Price Prediction – April 6

The Bitcoin price increased by more than 6.90% today as the cryptocurrency makes its way above $7,245.

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

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

Support Levels: $6,000, $5,800, $5,600

BTCUSD – Daily Chart

BTC/USD has now cleanly broken above the upper boundary of the previous ascending pattern as it takes out the resistance at the $7,000 level. BTC/USD increased by a total of 6.94% today to reach a high of around $7,248 as the buyers start to take control. The crucial thing to look out for is the closing price for Bitcoin. We need a close above $7,000 at the very least to confirm that the bulls are indeed in action moving forward.

However, with the recent uptick in volume, we can safely assume that it should close above $7,150. More so, Bitcoin could face a setback for the moment but the coin may likely have a continuation bullish trend in the near term and a price rally could help it hit its monthly high again. Currently, Bitcoin is trading around $6,248 above the 9-day and 21-day moving averages. Any bearish movement could bring it to the support levels of $6,000, $5,800 and $5,600 respectively.

Moreover, as the coin may be planning for a reversal, the daily chart reveals that the bulls are still in control of the market. Meanwhile, the $7,800 and $7,600 level may further surface as potential resistance levels if the $7,400 level holds. However, a strong bullish movement might take the price to $8,000, $8,200 and $8,400 levels. But presently, the technical levels remain positive as the technical indicator RSI (14) faces the north.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, after the crypto faced a long period of upward movement within its previously established trading, Bitcoin bears are still making an attempt to step back into the market pushing the BTC price below its previous price level that existed around $7,200 to $7,100 as the Bitcoin price has not yet slipped below $7,000.

BTCUSD – 4 Hour Chart

In addition, BTC/USD is currently moving within the channel but above the 9-day and 21-day moving averages. The upward movement may continue to push the price across the upper boundary of the channel and to the nearest resistance at $7,600, $7,800 and $8.000 levels while the immediate and critical support lies at $6,900, $6,700 and $6,500. The RSI (14) is moving within the overbought zone.

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.