Bitcoin (BTC) Price Prediction – April 12
The bulls have sustained Bitcoin for the past three days above $6,800 support. Analysts are of the view that a rebound above this level will enable BTC/USD pair to attain the mid- $7,000 region. More so, the bulls have to defend the $6,800 support.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Unfortunately, the $6,800 support has been broken and the market makes a gradual downward move. It is unclear if this is a partial breakdown. For sometimes, the bears have been testing this support to break it. Each time price breaks the level, the market will come up immediately. If the current breakdown stands, it will turn to a resistance level. We should expect the first decline to reach a low of $6,400.
The market will pause above the breakout level of $6,400 for a brief period before further movement. On the upside, if the breakout level holds, then we should expect price to move up to $6,800 resistance. Conversely, if the breakout level fails to holds, the downtrend will resume to the low of $5,900. Subsequently, the momentum will extend to $5,500 low. Bitcoin is trading below 75% range of the daily stochastic. This indicates that the market is in a bearish momentum. The price action also confirms it.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4 hour chart, a bearish candlestick was resisted by the 12-day EMA as the market resumes its downward move. Previously, the market has been characterized by small body candlesticks like Doji and Spinning tops describing the indecision of buyers and sellers. Sellers have taken the initiative as the markets fall. Meanwhile, BTC is currently at level 37 of the Relative Strength Index period 14. It is currently below the centerline 50, indicating that BTC may fall.
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