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Bitcoin Price Prediction: BTC/USD May Break out as the Price Hovers Around $7,058

Bitcoin (BTC) Price Prediction – April 16

Looking at the daily chart, the Bitcoin price is trading nicely above the $7,000 and the coin must climb above the $7,400 resistance to continue higher.

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

BTC/USD started the day with a downside movement as the coin touched $6,442 in the early hours of today, but later, BTC/USD market started improving, moving it out of the downside to the upside. However, BTC/USD has moved up from $6,442 to $7,141 and now changing hands at $76,058 within the ascending.

Moreover, BTC/USD is finding difficult to climb higher above the $7,200 resistance as the coin is settling in a tight range between $6,442 and $7,141 around the 9-day and 21-day moving averages. But in as much as the red-line of 9-day MA is above the green-line of 21-day MA, the market may still remain in the upward movement.

Nevertheless, if the market decides to go down, Bitcoin’s price may cross below the lower boundary of the channel and drop to $6,200 and should this support fails to contain the sell-off, we may see a further drop to $6,000, $5,800 and critically $5,600. The resistance levels to watch are $8,000, $8,200 and $8,400 respectively.

Meanwhile, the signal line of RSI (14) is moving above the 50-level, suggesting more bullish signals.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $7,006 and above the 9-day and 21-day moving averages after a reversal from $6,455 where the market started trading today. Meanwhile, we can see that the bullish supply is coming up slowly in the market while the bears are also trying to drag the price down.

BTCUSD – 4 Hour Chart

However, if the buyers could strengthen and energize the market, they can further push the price to a $7,200 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $7,400 and above. Meanwhile, the RSI (14) nosedives to 57-level, but any further movement to the south may drag the price to the support level of $6,700 and below.

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.