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Bitcoin Price Prediction: BTC/USD Trades Above $7,100; Could This Be a Reliable Bull Trend?

Bitcoin (BTC) Price Prediction – April 16

The Bitcoin price hits the major resistance level at $7,000 instead of just battling with supports.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

Support Levels: $5,800, $5,600, $5,400

BTCUSD – Daily Chart

BTC/USD has hit the price area around $7,100 after almost a weeklong of despairing trade. In as much as the coin is currently correcting upwards, we believe that BTC/USD is likely to cross resistances instead of just battling inactive supports. Today, BTC/USD was seen trading at $7,153 after which it later touched the low of $6,436 support.

However, the coin then pulled back to where it is trading currently and may continue to head upward if the bulls put more effort into the market. Looking at the daily chart, BTC/USD is now trading above the crucial levels that will now function as the support zones in the event a reversal occurs.

Meanwhile, on the upside, as the coin moves above the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $7,200 as the technical indicator RSI (14) moves above the 50-level.

Nevertheless, the bulls are banking on the support at $5,800, $5,600 and $5,400 to ensure that in spite of a reversal, the Bitcoin price stays above $7,000 level. Similarly, the nearest resistance levels to watch for are $7,800, $8,000 and $8,200 respectively.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $6,612 which is now a key support level. The next key support levels are $6,500, $6,300 and $6,100.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $7,200 resistance. A climb above the mentioned resistance may further push BTC price to $7,400, $7,600 and $7,800 resistance levels. As it appeared now, it seems the bulls may likely return into the market as the RSI (14) is now revealed moving towards 60-level, suggesting more bullish signals.

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.