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Bitcoin Price Prediction: BTC/USD Consolidates Above $7,300, a Rally Above $8,000 Is Expected

Bitcoin (BTC) Price Prediction – April 09
BTC/USD pair has remained stable after breaking the $7,000 resistance and the resistance line of the descending channel. The price is hovering between $7,300 and $7,400 in the last four days.

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

BTC/USD – Daily Chart

Bitcoin has been trading below $7,500 for the past four days. The market is still testing a previous historical price level. The current price is the historical price level in November, December, and early January. The bears are still defending this resistance level as the bulls struggle to sustain the current price level. Bitcoin will be strengthened if the bulls continue to sustain the current price level. As the market is respecting the previous price level, BTC is in a period of consolidation below $7,500.

The current consolidation will increase the possibility of a breakout. The first target price to watch out is a rally above $8,000. BTC will likely face another resistance at $8,000 which must be crossed. Nonetheless, Bitcoin is above 80% range of the daily stochastic. This explains that the market is in the overbought region as sellers are likely to emerge to push prices downward. However, in some exceptional cases, the overbought condition will linger without the appearance of the bears.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market is making an upward move. A bullish trend line is drawn showing tsupport levels of price. The market rebounds each time it tests the trend line. Bitcoin rebounded on April 6 to reach the high of $7,300 but resumed consolidation above it. The price has remained above that level in the last four days. Meanwhile, Bitcoin has risen to level 62 of the Relative Strength Index period 14. It means that BTC is in the uptrend zone.

 

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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.