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Bitcoin Price Prediction: BTC/USD Encounters Stiff Resistance at $7,200, Begins another Sell-Off

Bitcoin (BTC) Price Prediction – April 21

BTC/USD pair has been hovering above the $7,000 resistance after failing to breach the $7,200 resistance. Eventually, the coin made a sharp drop after attempting to revisit $7,200 resistance.

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

BTC/USD – Daily Chart

Nonetheless, Bitcoin slumped to $6,774 as of yesterday, April 20. This was the outcome of the battle of the $7,200 and $7,400 resistance levels. As indicated in the previous article, a downward correction will follow once the bulls failed to breach the $7,200 resistance. The market has already fallen to $6,774 low. However, if the market continues its downward movement, BTC will further sink to $6,400 low.

Nonetheless, if the $6,400 holds, Bitcoin will now continue its range bound movement between $6,400 and $7,400. Presently, the $6,700 support is holding as the market makes an upward move. From the price action, the market is showing some bullish signals that the market is moving upward. On the contrary, the stochastic indicator is below 60% range indicating that the coin is still in bearish momentum.

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

BTC/USD -4 Hour Chart

On the 4 hour chart, Bitcoin reached a high of $7,309 in the last 48 hours. After a stiff resistance, the coin dropped to $7,056 low and moved up to $7,200 resistance. Finally, it slumped to $6,774 low. Presently, BTC is recovering as it reaches a high of $6,893 at the time of writing. The coin has fallen to level 40 of the daily Relative Strength index period 14. This indicates that the market is still in the bearish trend zone.

 

 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.