Bitcoin (BTC) Price Prediction – April 8
BTC/USD price is trading nicely above the $7,250 and the coin must climb above the $7,400 resistance to continue higher.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,400, $8,600, $8,800
Support Levels: $6,100, $5,900, $5,700
BTC/USD bulls may slowly come back into action after a minor battering from the bears yesterday. If this happens, then the expectation of recovery could turn out to be true. Today, BTC/USD was seen trading at $7,166 after soaring to $7,441.47. The coin then pulled back to where it is trading currently at $7,247 and may continue to head downwards if the bears step back into the market.
However, the market is deciding above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating a clear breakout or breakdown. Meanwhile, the $7,800 and $8,000 levels may further surface as the key resistances should the $7,600 level come to play. However, a strong bullish spike may take the price to $8,400, $8,600 and $8,800 levels.
Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $6,700 and should this support fails to contain the sell-off, traders may see a further roll back to $6,100, $5,900 and critically $5,700. The stochastic RSI suggests an upward movement for the coin as it moves within the overbought zone.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is still looking bearish; following the recent downtrend to $7,271.02 which is now a key support level. The next key support levels are $7,000, $6,800 and $6,600.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $7,300 resistance. A climb above the mentioned resistance may further push BTC price to $7,600, $7,800 and $8,000 resistance levels. As it appeared now, it seems the bears may likely return into the market as the stochastic RSI faces the south which could resume the downward direction.
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