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Bitcoin Price Prediction: BTC/USD Rebounds but Unable to Sustain Above $7,000 Overhead Resistance

Bitcoin (BTC) Price Prediction – April 04
The price tussles between the bulls and bears have continued as BTC/USD pair rebounded from its low at $6,180 on April 1. There was a price spike as BTC reached the high of $7,283.50 but was immediately repelled.

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

BTC/USD – Daily Chart

Bitcoin continued its upward move after the rebound to the high of $7,049.10. The upward move was resisted as the bulls cannot sustain price above $7,000 overhead resistance. The price fell to a low of $6,884 and commenced a range-bound movement above the current support. On the upside, if the market falls to the low above the breakout level of $6,400, price is likely to go up again.

Conversely, if it breaks below $6,400, the downtrend will resume to the low of $5,900. Presently, the market is approaching the resistance line of the descending channel. A breakout above the resistance line will signal the resumption of the uptrend. Besides, if the price bars are fully above 26-day EMA and the 12-day EMA, BTC is likely to rise. Bitcoin is above 60% range of the daily stochastic. Presently, the momentum of the coin is conflicting as the market is not trending.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, a bullish trend line is drawn showing the support levels where Bitcoin has rebounded. The price is making a series of higher highs and higher lows as it retests $7,000 overhead resistance. However, if price breaks and closes below the trend line, the downtrend will resume. Meanwhile, Bitcoin has fallen to level 55 of the daily Relative Strength Index. Bitcoin was overbought at $7,049.10 when RSI was level 71. Meanwhile, BTC is in the uptrend zone and above the centerline 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.