InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Returns Above $7,000, Attempts to Breach $7,400 Resistance

Bitcoin (BTC) Price Prediction – April 23
The ding dong between bulls and bears has continued as Bitcoin returns to the $7,000 resistance level. In our previous analysis, we have indicated that since April 6, the market has been fluctuating between $7,400 and $6,600. However, none of this level has been broken.

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

BTC/USD – Daily Chart

On April 20, BTC/USD pair plunged to the low of $6,774 after failing to break the $7,000 resistance. As earlier indicated the market fell to the support above $6, 600. For the past two weeks, the market has been reversing after testing the $6,600 low. Bitcoin has recovered from this low as price is making an upward move to revisit the $7,400 resistance. The coin has reached a high of $7,083 at the time of writing. The bulls are expected to push the price to a high of $7,400. Bitcoin is expected to pick up momentum if the bulls break the $7,400 resistance.

The market will reach a high of $8,000 if successful. As expected the bears will put up resistance at the $8,000 and $9,000 price levels. Conversely, if the bulls fail to break the resistance, the market will fall to $6,800 low and then resume its fluctuation below the $7,000 resistance. The price is still fluctuating above $7,000 resistance showing some bullish signals. Similarly, the stochastic indicator is above 50% range indicating that the coin is still in bullish momentum.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, between April 18 and April 20, the bulls made concerted efforts to break the $7,200 resistance but were repelled. In the last three days, BTC fell to $6,774 low and resumed downward correction. Today, the bulls are back above $7,000 resistance to continue the tussle for price. Presently, BTC is at level 54 of the Relative Strength Index. This explains that price is in the uptrend zone.

 

 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.