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Bitcoin Price Prediction: BTC/USD Fails to Breach $7,400 Resistance, Attracts Selling Pressure

Bitcoin (BTC) Price Prediction – April 11

BTC/USD pair failed to break above the $7,400 resistance after hovering for the past three days. This attracted selling as the bears broke the $7,000 support. The market fell to a low of $6,756.

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

BTC/USD – Daily Chart

The bulls pulled above $6,800 support after an initial downward move. At this current support, a rebound is possible. Bitcoin will rally above $7,500, if BTC rebounds above the current support. It is anticipated that the momentum can extend to a high of $8,000. Bitcoin will be strengthened after the rebound. There could be other possibilities of rallies and breakout. Conversely, where the bulls fail to act, the bears may turn around and break below the $6,800 support.

The initial fall may reach a low of $6,400. The downward move may extend to the low of $5,900 if the $6,400 support cracks. Meanwhile, the $6,800 support is holding as price continues to consolidate above it. At the moment, Bitcoin is below 80% range of the daily stochastic. This is indicating that BTC is in a bearish momentum. This is contrary to the price action which is showing bullish signals.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market is making a downward move. The bears have broken below the bullish trend line. When price breaks and closes below a trend line; technically, it means that the current upward move is terminated. Meanwhile, the support above $6,800 is holding as price consolidates above it. Nevertheless, Bitcoin has fallen to level 40 of the Relative Strength Index period 14. It means that BTC is in the downtrend zone and below the center line 50.

 

 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.