Bitcoin (BTC) Price Prediction – April 18
The Bitcoin price is up by more than 2.0% as the price struck a sudden and bullish price spike.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,100, $8,300, $8,500
Support Levels: $6,100, $5,900, $5,700
Today, BTC/USD is seen pushing the price above the critical resistance level. The coin is moving above $7,000 to trade at $7,200 at the time of writing. Meanwhile, the price is moving with strong bullish momentum after a sustainable break above an important level. More so, BTC/USD has gained over 2.31% since the beginning of the day as it is using $6,700 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.
However, the return above $7,000 could set the framework for gains towards $8,000. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending stochastic RSI is considered. Any further bullish movement above the ascending channel could pave the way for more gains above $7,800. Other resistance levels to watch include $8,100, $8,300 and $8,500.
Looking at the downside, if the price falls back below $6,800 level and move to cross below the moving averages, the bears may wrestle out the control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support comes at $6,500, which is followed by $6,100, $5,900 and $5,700 support levels.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart reveals that the BTC/USD is currently trading around $7,229 near the upper boundary of the ascending channel after a rejection from $7,286 that occurred in the past few hours. However, the 4-hour chart also shows that the bullish supply is coming up slowly in the market while the bears are also trying to bring the price down.
Furthermore, if the buyers could strengthen and energize the market more, they can further push the price to a $7,250 resistance level. Therefore, breaking the mentioned resistance may likely hit the resistance level of $7,500 and above. In other words, the stochastic RSI is seen moving within the overbought zone, but when it turns down; the price could retest the support level of $7,000 and below.
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