An “inverse Head and Shoulders Pattern” to signal that a longer-term hike in the Bitcoin price could take place. Here is the 19-20 April Bitcoin Technical Prediction.
19 April, AtoZ Markets – The Bitcoin or BTCUSD pair is currently trading near US$ 8250 level with the total market cap of around $ 140 Billion at the time of writing. In the last 1 Week, the price has hiked by US$ 533.30 (6.91%) with a total volume of over $ 5.11 Billion. The weekly highest price, $ 8,437.03, was on Sunday. The Bitcoin price gained a bit more traction as the fundamentals & technicals seem to be supporting. Will the Bitcoin price hike above $ 8500 levels in coming days?
19-20 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 narrowed. However, the STOCHRSI(14) & Willian %R to indicate that the Bitcoin is in the overbought zone as we see a huge trading volume in the last few days.
Yesterday, we saw a price hike above the 38.2% Fibo. retr. zone and still the Bitcoin price is trying to make the hawkish move above the golden ratio zone. Showing the bullish trend, the Bitcoin price is well trading above the 61.8% Fibo. retr. zone today. A price break above the daily resistance zone (R1 8305) is necessary to gain momentum in prices. If the BTCUSD pair crosses the $ 8305 level than an upward move towards US$ 8,500- 8,700 level could be seen in coming days. I am highly bullish on Bitcoin and expect the price to break above $ 8500 level.
- The CCI(14) valued at 87.36 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 $7950 level and resistance near $8305 level.
- The crypto-market sentiment improved as the Billionaire George Soros recently approved his Soros Fund Management (SFM) to trade cryptocurrency.
- Dollar demand remains supported.
BTCUSD Daily Pivot Points
What do you think of the 19-20 April Bitcoin Technical Prediction? Let us know in the comment box below.