Bitcoin (BTC) Price Prediction – April 14
The sell-off may likely be coming up as the Bitcoin price faces a fresh round of selling below $7,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $7,800, $8,000, $8,200
Support Levels: $5,800, $5,600, $5,400
After forming a short term top, BTC/USD price is still diving below $7,000. The Bitcoin price is currently consolidating around $6,808, with a few bearish signals. However, the recent correction to the upward failed near the $6,922 level. It seems like Bitcoin bulls are struggling to gain momentum above the $7,000 level.
Moreover, on the downside, the $6,500 and $6,300 levels are initial supports. If the bulls fail to defend the recent low of $6,547, there is a risk of a sharp decline. The next key support on the downside is near the $6,100 level, where the bulls are likely to take a strong stand. But if the bulls fail to take a strong stand within this level, then, BTC/USD may drop further to the critical supports of $5,800, $5,600 and $5,400 respectively.
However, if there is a clear break above the 9-day moving average, the Bitcoin price could test the $7,200 resistance level. If the bulls manage to gain strength above $7,200, there are chances of a decent recovery towards the $7,400 resistance level. The key breakout zone is near the $7,800, $8,000 and $8,200 resistances. Meanwhile, the RSI (14) is moving in the same direction, meaning that the market may likely follow the sideways movement.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $6,943 to reach around $6,773. Should the price continue to drop further and move below the 9-day and 21-day moving averages, it could reach the nearest supports at $6,600, $6,400 and $6,200.
Moreover, if the bulls put more effort and push the coin above the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the potential resistance levels of $7,100, $7,300 and $7,500. At the moment, the technical indicator RSI (14) moves below the 45-level.
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