Bulls in favor as the Bitcoin price leaped off the triangle bottom and could break a strong resistance. Here is the 12 April Bitcoin Technical Prediction.
12 April, AtoZForex – The Bitcoin or BTCUSD is trading near the US$ 7000 with a 24-hours trading volume of $ 458M at the time of writing. In the last 1 Week, the price has moved by $ 338.06 (5.10%) with a total volume of over $ 4.09 Billion. The current drop in bitcoin price is being stuck on the approaching tax due date, as the hurry to finish off positions prompted a whirlwind of profit booking. Moreover, the sentiment in the crypto-market remains for the most part positive as the Indian Central Bank Limits Banking Services for Crypto Firms has been eclipsed by big hedge funds investing. Also, the technicals stay on the bullish side after a massive downturn. What do you expect from BTCUSD pair today, and by the weekend?
12 April Bitcoin Technical Prediction
A bullish reversal "Morning Doji star" candlestick pattern has emerged in the 1W timeframe. During a downtrend, the market strengthens the bearish trend with a long black candlestick. Also, the second candlestick trades within a small range and closes at or near its open. This scenario shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal is given by the third white candlestick. The Morning Doji Star is a fully realized bullish Doji Star pattern. Thus, I expect a bullish move in the Bitcoin price as it is important reversal signal.
Also, a narrowing gap in simple moving average signals a weakening bearish pressure & the buying momentum can be seen. 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.
According to the Fibonacci retracement charts, the BTCUSD pair traded well above the 38.2% Fibo. retr. zone and trading above the 50% Fibo retr. zone. More likely, the Bitcoin could cross the golden ratio zone and break the 61.8% fibo levels. On the upside, if the BTCUSD pair manages to break the daily strong resistance level, i.e., $ 7015 mark than a positive pull towards $ 7085- 7100 levels can be seen today.
Moreover, the technicals are getting better for the weekly timeframe as well, and a strong recovery towards $ 7400- 7500 levels might be seen over the weekend.
The relative strength index(14) value below 50 – “Selling” in the weekly timeframe.
The CCI(14) valued at 1.44 which signify “Neutral” signal in the daily timeframe.
The STOCHRSI(14) – Overbought in the daily timeframe.
Moreover, according to ATR(14), the BTCUSD pair is Less volatile.
The Bitcoin has significant daily support near $6833 level and resistance near $7014 level.
BTCUSD Daily Pivot Points
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