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Bitcoin Price Prediction: BTC/USD Falls From $7,165; Can The Next Bullish Push Take It Above $7,200?

Bitcoin (BTC) Price Prediction – April 17

The Bitcoin price dropped slightly today but it is finding some form of support at the $6,505 level.

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

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

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

BTCUSD – Daily Chart

Today, BTC/USD jumped ahead and faced a key resistance of $7,167.35 but was later rejected and drops below $7,000 to touch $6,954.30. However, if BTC/USD continued to consolidate in this way, traders could soon see it breaking through the above-mentioned level of key resistance and it would then be obvious to target $7,500. More so, we could see a larger decline for the next two days if the downtrend continues to form in a pattern formation.

Currently, the market price for BTC/USD and the daily candle is still trading above the 9-day and 21-day moving averages at $7,110 but if the bulls could push the price above the channel, the next resistance levels may be found at $8,000, $8,200 and $8,400. Typically when the uptrends are beginning to stand firm, traders will use the 9-day moving average as the nearest support level.

However, should in case the bulls fail to move the price up, we may see a price cut to $6,500 vital support. A further low drive could send the price to $6,000, $5,800 and $5,600 supports. For now, looking at the daily chart, the bulls are still defending the nearest support. But as things stand, BTC/USD may likely reverse again because the RSI (14) is seen moving in the same direction around 53.57level.

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

On the 4-Hour chart, BTC/USD trade in sideways. Nevertheless, the coin has not yet slipped below $6,800 and still in the loop of breaking above the channel. For now, BTC price hovers around $7,095 and may take time to persistently trade above this level as the upward movement may likely near the $7,400 and $7,600 resistance levels if the bulls regroup.

BTCUSD – 4 Hour Chart

However, on the downside, the immediate support is seen around the $6,900 level while the main support is at the $6,700 level. The price may likely fall below the above-mentioned level if the bears step back into the market, a further bearish movement may reach another supports at $6,800 and $6,600 respectively. Meanwhile, the RSI (14) is moving in sideways, which makes the market to be indecisive at the moment.

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.