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
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