Bitcoin (BTC) Price Prediction – April 6
Looking at the daily chart, the Bitcoin price is trading in positive territory, up 4.85% in the second half of the session.
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
The daily chart reveals that BTC/USD broke free from the recent range and the upside momentum is gaining traction. Now that BTC/USD settled above $7,000, crypto bulls set their eyes at $7,500, which is the next critical resistance for the first digital coin. According to the technical indicator RSI (14), BTC/USD is currently in the hands of the bulls.
Currently, the market price for BTC/USD and the daily candle is trading at $7,125 but if the bulls could successfully push the price above the channel, the next resistance levels may be found at $8,000, $8,200 and $8,400. Typically when the new uptrends are beginning to form, traders may use both the 9-day and 21-day moving averages as the nearest support level.
However, any failure by the bulls to move the price up, we may see a price cut to $6,500 vital support. A further low drive could send the price to $6,000, $5,800 and $5,600 supports. For now, the bulls are still dominating the market. But as things stand, the BTC/USD price may continue to follow the upward trend because the RSI (14) focuses on the north.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears wanted to step back into the market by bringing the price from $7,183 to $7,054, but the bulls quickly held the support by picking the price from there to where it is currently trading at $7,089 which is above the 9-day and 21-day moving averages. Meanwhile, the $7,500 and above may come into play if BTC/USD breaks above the channel.
However, if the price breaks below the moving averages of the ascending channel and begins to fall, the support levels of $6,700 and below may be in focus. Meanwhile, as the technical indicator RSI (14) moves around 70-level, more bullish signals may play out before a reversal could come in.
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