16 April Bitcoin Technical Prediction – BTCUSD Forecast

Bitcoin price hiked more than 12% since the last 1 week in Bitfinex exchange and traded above $8000 mark, signaling correction in the daily timeframe. But, the parameters are still bullish for short-term. Here is the 16 April Bitcoin Technical Prediction.

16 April, AtoZForex –  The Bitcoin or BTCUSD pair is trading above the US$ 8050 mark with a total 24-hours volume of $ 703 Million in the Bitfinex Exchange at the time of writing. The coin now has a total market cap of 136 Billion USD. In the past 24H, the price has moved by $ -65.08 (-0.8%) with a total volume of over $ 724.78 Million, reached the 24-hours highs at US$ 8,437.03 and lows at $ 8,037 mark. Will the BTCUSD manage to surpass the $ 8500 level or face correction from this point?

16 April Bitcoin Technical Prediction

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. The BTCUSD pair might make a bullish move in short-term as the gap between the moving average widens. The technical indicators – STOCHRSI (14) and williams% R indicators are moving towards the overbought zone. In other words, a small correction might be seen from this point as traders are willing to book the profits. However, the short-term sentiment remains bullish.

According to Fibonacci retracement charts, the BTCUSD pair traded above the 78.6% Fibo retr. zone and failing to sustain above the level might dip the pair towards the golden ratio zone. Failing to hold the daily strong support zone, i.e., US$ 8090 mark might dip the price below the $ 7750- 7800 levels.

The relative strength index(14) value is near 50 – BTCUSD pair remain “Neutral” in daily timeframe.  

The CCI(14) valued at 128 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 $8090 level and resistance near $8520 level.

BTCUSD Daily Pivot Points

NameS3S2S1Pivot PointsR1R2R3


What do you think of the 16 April Bitcoin Technical Prediction? Let us know in the comment box below.

    Share Your Opinion, Write a Comment