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Bitcoin Price Prediction: BTC/USD Consolidates Above $6,800 Support as Bulls and Bears Tussle for Price Possession

Bitcoin (BTC) Price Prediction – April 11
BTC/USD Pair downtrend was extended to the support above the 12-day and 26-day EMAs. In other words, BTC is above the $6,800 support. The market is currently trading at $6,881.90 at the time of writing.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Presently, Bitcoin is consolidating above the $6,800 price level. As the market fluctuates, it is forming small body candlesticks called Doji and Spinning tops. These small body candlesticks are describing the indecision between buyers and sellers about the direction of the market. When the market is under bulls’ control, price will rise to breach the resistance levels of $7,000, $7,300 and $7,400.

On the downside, if the bears break below $6,800 support, price will fall and break the support levels of $6,400 and $5,900. At the moment, Bitcoin is at level 49 of the Relative Strength Index period 14. This implies that Bitcoin is in the downtrend zone and below the centerline 50. Bitcoin intends to fall as per the indicator.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)


On the 4 hour chart, the market is consolidating above $6,800 support. An upward move is likely because Bitcoin has fallen to the oversold region of the market. Bitcoin is below 20% range of the daily stochastic. This also means that BTC is in a bullish momentum.

In the oversold region, buyers are likely to emerge to push Bitcoin upward. The pair is currently trading at $6,881.90 at the time of writing. On the upside, a rebound above $6,881 will catapult the coin to the high of $7,300 or $7,400. Bitcoin will resume if price breaks and closes above the bullish trend line.

 

 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.