Bitcoin (BTC) Price Prediction – April 7
The Bitcoin price is making a strong extension to the upside in the session today through $7,200.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $8,500, $8,700, $8,900
Support Levels: $6,400, $6,200, $6,000
BTC/USD hit the intraday high at $7,440 and retreated to $7,231 at the time of writing. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility. BTC/USD has gained nearly 1.35% since this time as the cryptocurrency market is on the recovery path. On the intraday charts, BTC/USD has settled well above a critical barrier created by a psychological $7,000.
More so, this line, reinforced by the 9-day and 21-day moving averages, now serves as strong support that is likely to stop the short-term downside correction and trigger a new buying wave. However, if it is broken, the sell-off is likely to gain traction with the next focus on $6,400, $6,200 and $6,000 support levels. Currently, the Bitcoin price is moving within a short-term bullish trend amid low volatility.
On the upside, the initial resistance is created by the upper boundary of the ascending channel located on the approach to $7,500. A sustainable move above this barrier is needed for the recovery to gain more traction. Meanwhile, the upside momentum may take the price towards psychological $8,000 followed by the potential resistance at $8,500, $8,700 and $8,900 levels as the technical indicator RSI (14) moves around 48-level.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking technically, BTC/USD needs to climb $7,500 above the upper boundary of the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $7,600. This psychological barrier may closely follow by $7,800 and $8,000 resistance levels.
In contrast, the nearest support is at $7,200 and a sustainable move lower will increase the downside pressure and push the price towards $7,000 and $6,800 support levels. Considering that the RSI (14) on a 4-hour chart is extremely within the overbought zone, traders might expect more bullish signals into the market.
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.