02-04 April Bitcoin Technical Prediction – BTCUSD Forecast


Bitcoin or BTCUSD pair trading near the US$ 7000 levels after recovery from the dip and trying to overcome the bears. Here is the 02-04 April Bitcoin Technical Prediction.

02 April, AtoZForex – The Bitcoin or BTCUSD pair is trading near the US$ 7000 level with a total market cap of around $ 118 Billion. The price is still trending lower but is showing signals that the bulls are trying to overcome the bears. In the last 24 hours, the price has moved by $ 350.14 (5.20%) with a total volume of over $ 958.10 Million. The highest price, $ 7,122.91, was on Monday, 02 April 2018. The lowest price, $ 6,463.54, was on Sunday, 01 April 2018. Will the BTCUSD pair manage to thrive above US $ 7500 level?

02-04 April Bitcoin Technical Prediction

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the upside on the weekly charts. According to Fibonacci retracement charts, the BTCUSD pair is trading near the 23.6% Fibo retr. zone after hitting bottom at $ 6,463.54. The price showed a rapid recovery from that point and seemed like the bulls are trying to get back on the track. The previous lows, i.e., US $ 7400- 7200 price zone is the crucial zone for Bitcoin. If the price manages to surpass the 38.2 % Fibo retr. zone, i.e., US $ 7470 than an upward move towards the US $ 8000- 8200 might be seen by the weekend.

On the daily timeframe, it is more likely that a bullish reversal from this level might be seen towards the US $ 7200- 7400 level breaking the daily resistance level.

The relative strength index(14) value is below 50 – “Sell” Signal in daily timeframe.  

The CCI(14) valued at -102.70 which signify “Sell” signal in the daily timeframe. 

The STOCHRSI – “Sell” in the daily timeframe.  

Moreover, according to ATR(14), the BTCUSD pair is Less volatile.

The Bitcoin has significant daily support near $6483 level and resistance near $7086 level.

BTCUSD Daily Pivot Points

NameS3S2S1Pivot PointsR1R2R3
Classic5880.66156.56483.36759.270867361.97688.7
Fibonacci6156.56386.765296759.26989.47131.77361.9
Camarilla6644.36699.56754.86759.26865.26920.56975.7
Woodie’s59066169.26508.76771.97111.47374.67714.1

 

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