InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Struggles above $7,200 Resistance, Targets $7,400 Resistance

Bitcoin (BTC) Price Prediction – April 19
BTC/USD pair is now trading above $7,200 at the time of writing where it has had multiple rejections in time past. The bulls have to overcome this level, for it to make a meaningful upward move.

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

BTC/USD – Daily Chart

Certainly, Bitcoin is making progress after it moved from $7,115 to $7,243. Buyers are sustaining the upward move but will face the $7,200 resistance. The crypto has reached a resistance zone which it must overcome to move upward to face larger resistance at $7,500. In the meantime, the bulls are contesting to cross above the $7,200 resistance. The coin will move to $7,500 if successful above the initial resistance. However, a bearish rising wedge pattern is formed in the downtrend. The implication is that Bitcoin will fall to continue the downtrend.

At the moment the market has not experienced any downward move. On the upside, if the bulls crossed the initial resistance at $7,200, the bears may present resistance at the $7,400. BTC will resume uptrend if it overcomes the $7,400 resistance. Then we should expect the momentum to increase to $8,000 which is our first target. Conversely, if the bulls fail to overcome the $7,200 and $7,400 levels, Bitcoin will resume a fresh decline. Meanwhile, BTC is above 50% range of the daily stochastic. This indicates that the market is in a bullish momentum.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, Bitcoin is above the resistance at $7,200. Yesterday, the market rebounded at a low of $7,097 to reach a high of $7,284. There is a pullback as bulls and bears continue to struggle for possession. The coin will fall if the bulls lose possession to the bears. Presently, BTC is at level 64 of the daily Relative Strength index period 14. This indicates that it is the uptrend zone and above the centerline 50.

 

 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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.