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

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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.


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