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Bitcoin Price Prediction: BTC/USD Surges Ahead, Faces Rejection at $6,800 Resistance

Bitcoin (BTC) Price Prediction – April 02
Since on March 20, the bulls and bears have continued to tussle with a price after the former fail to break the $7,000 overhead resistance. The bulls are yet to break the $7,000 overhead resistance while the bears are yet to break the $5,900 support.

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

BTC/USD -Daily Chart

BTC/USD pair has been trading between $7,000 overhead resistance and the $5,900 support since March 20. The upward move will resume when price is above $6,400 break level. The bulls will have to push BTC upward to retest the $7,000 resistance. Bitcoin will fall if the bulls are unsuccessful. On the other hand, if the market falls below the breakout level of $6,400, the bears will like to sink Bitcoin. BTC will sink if the bears break the next support at $5,900.

The bearish momentum may extend to the lows of $5,500 and $5,000. However, if the bears are unsuccessful, the market will move up. This has been the scenario since March 20. At the moment the bulls are unsuccessful at the $7,000 resistance. The market is falling and has reached a low of $6.613 at the time of writing. In the meantime, Bitcoin is below 75% range of the daily stochastic. The stochastic bands are making a U-turn indicating the bearish momentum.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the bulls made another attempt at the over resistance. Yesterday, the price rebounded at a low of $6,180. BTC went up to a high of $6,800 but was resisted. Bitcoin is expected to fall to a low of $6,400. The downward movement will continue to the low of $5,900 if the $6,400 level cracks. Bitcoin is at level 60 of the Relative Strength index. It indicates that BTC is in the uptrend zone and above the centerline 50.

 

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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.