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Bitcoin Price Prediction: BTC/USD Stayed Above $7,000; A Bullish Confirmation?

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)

Key levels:

Resistance Levels: $8,100, $8,300, $8,500

Support Levels: $6,100, $5,900, $5,700

BTCUSD – Daily Chart

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.

BTCUSD – 4 Hour Chart

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.

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.