Forming the double bottom neckline at the $7500 mark the bullish reversal in weekly timeframe can be expected and surge towards US$ 8000 can be seen. Here is the 09-11 April Bitcoin Technical Prediction.
09 April, AtoZForex – The Bitcoin or BTCUSD pair is trading at $8,140 down -3.68% at the time of writing. The coin has a market cap of $138 Billion. In the last 1 Week, the price has moved by $ -305.69 (-4.33%) with a total volume of over $ 5.12 Billion. The highest price, $ 7,528.97, was on Tuesday, 03 April 2018. The lowest price, $ 6,526.67, was on Friday, 06 April 2018. Will the BTCUSD pair remain above the $7500 mark this week?
09-11 April Bitcoin Technical Prediction
The 100 SMA is still 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 momentum this week. Also, the double bottom neckline at the $7500 mark could make it possible for BTCUSD to make a bullish move this week.
According to the charts, the Bitcoin tried to cross 38.2% Fibo. retr. zone and consolidating below 23.6% Fibo zone. The BTCUSD pair formed a strong support near 6700 levels and could possibly trade above the 38.2% Fibo. retr (US$ 7200- 7500). Also, I expect the price to make a strong recovery from this point, thus, making a strong support towards $ 7200-7500 zone this week. Thus, from this point, a bullish pull towards $8000 can be seen by this weekend.
The relative strength index(14) value near 50 – “Selling” in the weekly & Daily timeframe.
The CCI(14) valued at -57.42 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 $6890 level and resistance near $7130 level.
BTCUSD Daily Pivot Points
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