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Bitcoin Price Prediction: BTC/USD Struggles to Break $7,000 Resistance but a Downward Correction Is Expected

Bitcoin (BTC) Price Prediction – April 05
Presently, BTC/USD pair is trading at $6,849.50 at the time of writing. At the high of $6,849.50, two things will happen. Firstly, the price will break through the $6,900 and $7,000 resistance. Alternatively, the market will fall to a low of $5,900 and subsequently, the fall will deepen.

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

BTC/USD – Daily Chart

Assuming there is a breakout on the upside. When price breaks through the resistance, the first rally is expected between $7,500 and $8,000. When BTC gains strength the momentum will extend to the high of $8,500 and $9,000. A further upward movement is expected to a high of $10,400. Conversely, the market will decide to fall, if the bulls fail to break the $6,900 and $7,000 resistance. The initial fall is to the low above $6,400.

A crack below the breakout level will extend the fall to the low of $5,900. Finally, when $5,900 cracks the fall will deepen to the lows of $5,500 and $5,600. Meanwhile, price bars are almost above the 12-day and 26-day EMAs, this will propel the upward move of BTC. Besides, Bitcoin is above 60% range of the daily stochastic. The  momentum seems to be conflicting with price action as the market seems to be in a sideways move.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, a bullish trend line remains intact showing the support levels where Bitcoin has rebounded. The price is still consolidating above $6,800 to determine the next move. However, if price breaks and closes below the trend line, the downtrend will resume. Meanwhile, Bitcoin has risen to level 59 of the daily Relative Strength Index. Meanwhile, BTC is in 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.

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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.