Bitcoin (BTC) Price Prediction – April 26
The Bitcoin price rests above $7,600 after the retreat from levels $7,491 but $8,000 may likely come out as the next vital resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,400, $8,600, $8,800
Support Levels: $6,700, $6,500, $6,300
BTC/USD started the month at around $6,400 and now trades at $7,515 as at the time that the market opens today, charting notable increases throughout the entire week. In the past 24 hours alone, the coin has gained another 1.08% to its value, increasing from around $7,515 to about $7,714 from where it retraced a bit and currently trading above the 9-day and 21-day moving averages at $7,629.
Nevertheless, a further retracement seems imminent and it is likely to break below $7,500. Meanwhile, looking at the chart, $6,700, $6,500, and $6,300 serve as the major support levels, making room for the coin to fall even further. The technical indicator RSI (14) is seen moving above 60-level, suggesting more bullish movements as long as the 9-day MA signal line is above the 21-day MA.
However, as the daily chart reveals, if the bulls continue to put more effort and push the price towards the upper boundary of the channel, BTC/USD may see the next resistance level at $8,200, any further movement above the channel could send it to the potential resistance levels of $8,400, $8,600 and $8,800 respectively as the technical levels remain positive.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, BTC/USD is clearly facing a lot of resistance near the $7,700 and $7,800 level. A successful close above the $7,800 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $7,500 support. If there is a downward move, initial support is near the $7,200 level and the main support is near the $7,300 level and below.
However, if there are more gains, the $7,700 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $7,700 resistance, the next stop for the bulls may perhaps be near the $7,900 resistance levels and above as the RSI (14) is moving above 60-level, after the market has experienced a sideways movement.
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