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Bitcoin Price Prediction: BTC/USD Trades Above $53,500; Is the Price Back Bullish?

Bitcoin (BTC) Price Prediction – April 26

The Bitcoin price hits the major resistance level at $54,000 instead of just battling with supports.

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

Key levels:

Resistance Levels: $58,000, $60,000, $62,000

Support Levels: $45,000, $43,000, $41,000

BTCUSD – Daily Chart

BTC/USD now hits the price area around $53,600 after almost a weeklong of despairing trade. However, since 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 is seen trading at $53,683 after closing at $49,121 yesterday.

What is the Next Direction for Bitcoin?

BTC/USD is seen pulling back to where it is trading currently and may continue to head upward if the bulls maintain the price movement. Looking at the daily chart, BTC/USD is currently trading above few crucial levels which may function as the support zones in the event a reversal occurs.

Meanwhile, on the upside, as the coin moves towards the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $55,000 as the technical indicator RSI (14) moves above the 42-level.

Moreover, bulls are banking on the support at $45,000, $43,000, and $41,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $53,900 level. Similarly, the nearest resistance levels may be located at $58,000, $60,000, and $62,000 respectively.

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

Looking at the 4-hour chart, bears have been dominating the market for the past few weeks, but bulls are now coming back into the market trading above the 9-day and 21-day moving averages and trying to defend the $52,000 support. If not, the $50,000 and below may come into play if BTC breaks below the mentioned supports.

BTCUSD – 4 Hour Chart

However, in as much as the buyers continue to reinforce and power the market more, traders can expect a retest at the $55,000 resistance level, and breaking this level may further push the price towards the resistance level of $57,000 and above. The RSI (14) is trading below the 60-level.

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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.

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