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Bitcoin Price Prediction: BTC/USD Shows Weakness as It Fails to Jump Over $6,900 and $7,000 Resistances

Bitcoin (BTC) Price Prediction – April 16
On April 14, after reaching the high of $6,985, the market resumed a downward move. We have earlier indicated that if the bulls fail to jump over $6,900 and $7,000 resistances, BTC/USD pair will resume a downward move. Today, the bears have succeeded in breaking below $6,800.

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

BTC/USD – Daily Chart

Surprisingly, Bitcoin is showing some kind of weakness as it fell to $6,660. Unfortunately, the coin is showing some bearish signals which may create a further downward move. As the crypto continues to drop, we expect the market to reach a low of $6,400. The bulls and bears have a choice to make if the downward move reaches the low of $6,400. The market will move up at the $6,400 low if the bulls decide to hold that level.

However, if the $6,400 support cracks, the coin will find support at either $6,200 of $5,800. Nonetheless, it will not be a surprise if the selling pressure continues to a low of $5,500. Meanwhile, the bears broke the support line which is indicative of a bearish signal. Bitcoin is below 40% range of the daily stochastic. It indicates that the market is currently in a bearish momentum.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, Bitcoin is in a descending channel. The price is falling and approaching the support line. The market has reached a low of $6,660 at the time of writing. On the downside, if price breaks the support line, BTC will fall to the lows of either $6,200 or $5,800. The crypto is at level 36 of the Relative Strength Index period 14. This implies it is in the downtrend zone and approaching the oversold region.

 

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.