Bitcoin or BTCUSD pair formed a strong support near the US$ 7000 levels after recovery from the dip and trying to overcome the bears. Here is the 04-06 April Bitcoin Technical Prediction.
04 April, AtoZForex – The Bitcoin or BTCUSD price is trading above the US$ 7300 level with a total volume of $725 Million at the time of writing. Also, after a huge downturn, the coin now has a market cap of $ 123 Billion. In the past week the Bitcoin price has moved by $ -532.43 (-6.75%) with a total volume of over $ 7.09 Billion with the weekly highest price, $ 8,117.79, was on Wednesday, 28 March and the weekly lowest price, $ 6,463.54, was on Sunday, 01 April 2018. Will the BTCUSD pair cross $ 8000 mark by the weekend?
04-06 April Bitcoin Technical Prediction
Bitcoin price was off to a decent start for the month but it seems that bulls are facing trouble holding on to the gains. The erosion in buyers confidence due to the geopolitical risks eased on cooling U.S. China trade tensions in the recent trading sessions.
According to the technical charts, the 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that the pair might gain bullish momentum this week.
According to Fibonacci retracement charts, the BTCUSD pair managed to surpass the 23.6% fibo retr. zone and traded well above the 38.2% fibo zone. Also, the pair might cross the daily resistance level and form a new strong support near $ 7100 mark. The Bitcoin price may boost further above the fibo golden ratio zone as the bulls are gaining momentum. Moreover, the Bitcoin price has formed lower highs and found support near $ 6800- 7000 to create a descending triangle pattern.
Thus, I expect the Bitcoin or BTCUSD pair to test $ 8000 level by the end of this week.
The relative strength index(14) value near 50 – “Neutral” in the weekly timeframe.
The CCI(14) valued at -118.89 which signify “Sell” signal in the daily timeframe.
The STOCHRSI(14) – Oversold in the weekly 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
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