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Bitcoin Price Prediction: BTC/USD Is Retracing, Fails to Push Above $8,000 Resistance

Bitcoin (BTC) Price Prediction – April 28
BTC/USD pair surges upward after three days of consolidation. Price reached a high of $7,700 but the bulls could not sustain the upward move. The market is showing some bearish signals as the trend gets weaker.

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

BTC/USD – Daily Chart

Yesterday, as the market rose to $7,700 price level, BTC reached the overbought region. Incidentally, this was the price level when Bitcoin had a price spike. In the last 24 hours, the market is falling as sellers emerge to push prices downward. The market will make an upward move if price retraces to the support above $7,500.

However, if the bears sink BTC below the breakout level of $7,400, the market will reach a low of $7,100. Nonetheless, if the $7,100 support holds, BTC will rise again to retest the $8,000 resistance. Meanwhile, Bitcoin is above 80 % range of the daily stochastic. This is where the bearish signals emanated indicating that the coin is in the overbought region. The crypto is in a bearish momentum. BTC will resume uptrend as soon as price finds support above $7,000.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4 hour chart, BTC is an upward move. On April 23, BTC has a breakout as price breaks through the resistances of $7,200 and $7,400. The market reached a high of $7,700 but pulled back above $7,500. After three days of consolidation above $7,500, price rebounded to $7,700 resistance.

BTC/USD – 4 Hour Chart

Today, Bitcoin has reached the overbought region. The market is reacting to a downward move. The price is retracing for a possible rebound to break the $8,000 resistance. The bulls are likely to face strong resistance at the $8,000 price level. Presently,BTC has fallen to level 60 of the Relative Strength Index period 14. It indicates that the market is the uptrend zone and it is likely to rise.

 

 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.