Bitcoin Price Prediction: BTC/USD Bulls Flex Muscles Climbing Above $6,900 ByAzeez MustaphaPRO INVESTOR Updated: 14 April 2020 Bitcoin (BTC) Price Prediction – April 14 Bitcoin price lags breakout above the previous support levels and likely to blast it above $7,000. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $7,800, $8,000, $8,200 Support Levels: $5,900, $5,700, $5,500 BTCUSD – Daily Chart BTC/USD is back with a bang as it kick-starts today’s trading on a positive note. Before the coin could close yesterday, it has initiated a price recovery after it found a support level below $6,554. Bitcoin has rebounded noticeably and it has already formed a few higher highs while tracing a bullish trend line. However, the market is deciding around $6,948.89 in-between the 9-day and 21-day moving averages, where the buyers are anticipating a clear breakout. Meanwhile, the $7,000 and $7,200 levels may further surface as the key resistances should the price move above the moving averages. However, a strong bullish spike may take the price to $7,800, $8,000 and $8,200 levels. Moreover, if the market makes a quick turn back to the south, BTC/USD may likely drop below $6,500 and should this support fails to contain the sell-off, traders may see a further roll back to $5,900, $5,700 and critically $5,500. The RSI (14) suggests a sideways movement for the coin as the signal line moves in the same direction around 51-level. BTC/USD Medium – Term Trend: Bearish (4H Chart) Looking at the 4-hour chart, the bears have been dominating the market for the past few weeks, but the bulls have now stepped back into the market moving above the 9-day and 21-day moving averages and trying to defend the $6,800 support. If not, the $6,700 and below may come into play if BTC breaks below the mentioned supports. BTCUSD – 4 Hour Chart However, in as much as the buyers continue to reinforce and power the market more, traders can expect a retest at $7,000 resistance level and breaking this level may further push the price towards the resistance level of $7,200 and above. The RSI (14) faces the north as it is moving above the 51-level, suggesting an upward movement. 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.
