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Bitcoin Price Prediction: BTC/USD Creeps towards $6,900 Following Rejection at $7,000

Bitcoin (BTC) Price Prediction – April 21

BTC/USD is trading below the big $7000, suggesting vulnerabilities to the downside.

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

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

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

BTCUSD – Daily Chart

Looking at the daily chart, BTC/USD is seen trading below the 9-day and 21-day moving averages, with support close to $6,600 on the daily chart. However, if another decline occurs below the trend line of the ascending channel, the price could extend its downward correction to the $6,500 level and any other loss could possibly push the price of Bitcoin to the support level of $6,400.

More so, after 2 days of the bearish movement, the Bitcoin price is seen rising and trading at $6,902. A further rise may take the market to the potential resistance levels at $7,800, $8,000 and $8,200. In other words, if the market were to reverse one more time, we could see the next selling pressure towards the support levels of $6,000, $5,800 and $5,600. Nevertheless, BTC still maintains a bullish trend on the daily chart, with the signal lines of MACD moving to cross into the positive side.

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

Looking at the four-hour chart, Bitcoin failed in an endeavor to break above the 9-day and 21-day moving averages. This is plausibly why the bears are fuelled to push the price to lower levels. Meanwhile, Bitcoin is trading at $6,880.85, although it opened the session at $6,828 and this represents a 0.62% gains on the day.

BTCUSD – 4 Hour Chart

However, the shrinking volatility in BTC/USD indicates that the downtrend is unlikely to extend further. Besides, $6,700 is key support and if the bulls could not defend this support level, the price may likely test the critical support level of $6,600 and below as the MACD signal lines are moving into the negative side. In other words, the resistance level of $7,100 and above could be visited if there is a rebound.

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.