InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Recovers from $6,700 Support, Makes a Fresh Attempt at $7,000 Resistance

Bitcoin (BTC) Price Prediction – April 14
Surprisingly, BTC/USD pair has recovered from the last breakdown on April 12. There was a sudden upward move on April 12, as price reached a high of $7,200. The bulls could not sustain the upward move as the market dropped again to the low of $6,600.

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

BTC/USD – Daily Chart

Bitcoin dropped to $6,600 low but pulled above $6,700. There were insinuations that Bitcoin may further depreciate because it is in the bearish trend zone. The support was held as BTC resumed an upward move. The market has reached a high of $6,800. As the pair recovers, the momentum is enabling price to reach the $6,900 price level. The upward move is targeted to break the resistance zone of $6,900 and $7,000.

The pair is likely to struggle and battle near the resistance zone. The bottom line is that if the bulls fail to jump over the $6,900 and $7,000 levels, BTC may resume a fresh downward move. At the moment, the coin is approaching the resistance at $7,000. BTC is currently at level 50 of the Relative Strength Index. It means that the market is approaching the uptrend zone.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, Bitcoin fell to a low of $6,600. The market is in an upward move as price approaches the trend line. On the upside, if price breaks above EMAs or the trend line, the uptrend will resume. However, in the last breakout, the stiff resistance at $7,200 pushes price downward. It is unclear how the bulls will battle the fresh upward move against the $7,200 resistance. BTC is above 40% range of the daily stochastic. It is currently in a bullish momentum.

 

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.