Bitcoin (BTC) Price Prediction – April 19
BTC/USD pair is now trading above $7,200 at the time of writing where it has had multiple rejections in time past. The bulls have to overcome this level, for it to make a meaningful upward move.
Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Certainly, Bitcoin is making progress after it moved from $7,115 to $7,243. Buyers are sustaining the upward move but will face the $7,200 resistance. The crypto has reached a resistance zone which it must overcome to move upward to face larger resistance at $7,500. In the meantime, the bulls are contesting to cross above the $7,200 resistance. The coin will move to $7,500 if successful above the initial resistance. However, a bearish rising wedge pattern is formed in the downtrend. The implication is that Bitcoin will fall to continue the downtrend.
At the moment the market has not experienced any downward move. On the upside, if the bulls crossed the initial resistance at $7,200, the bears may present resistance at the $7,400. BTC will resume uptrend if it overcomes the $7,400 resistance. Then we should expect the momentum to increase to $8,000 which is our first target. Conversely, if the bulls fail to overcome the $7,200 and $7,400 levels, Bitcoin will resume a fresh decline. Meanwhile, BTC is above 50% range of the daily stochastic. This indicates that the market is in a bullish momentum.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4 hour chart, Bitcoin is above the resistance at $7,200. Yesterday, the market rebounded at a low of $7,097 to reach a high of $7,284. There is a pullback as bulls and bears continue to struggle for possession. The coin will fall if the bulls lose possession to the bears. Presently, BTC is at level 64 of the daily Relative Strength index period 14. This indicates that it is the uptrend zone and above the centerline 50.
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