5-7 April Bitcoin price prediction - BTCUSD technical outlook


Bitcoin slipped below $7000 as the bearish move continues. What'e the next price level to watch out for? The following 5-7 April Bitcoin price prediction looks at BTCUSD using Elliott wave theory.

05 April, AtoZForex - Just days ago, from a technical point of view, it looked as if price would make another bullish bounce. We expected that if price could stay above $7000 and break above $8200, there was a chance that it would rally toward $10000 again. The optimism was laid to rest as price broke below $7000. The break below $7000 is an evidence, from a technical point of view, that price could dip further to $5500-$6000 in the coming days. Using Elliott wave theory, we started counting a new bearish impulse wave as price refused to break above $8200 to confirm the bullish scenario.

In the last update, the chart below was used to illustrate a developing impulse wave making a little bullish bounce to complete wave iv. It was expected that price would continue downside afterwards for the 5th wave.

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3-5 April Bitcoin price prediction BTCUSD Elliott wave analysis, M30 (click to zoom)

An impulsive wave drive to $6000 is now very likely as the bearish move continues. At the end of this pattern. we’d look at the extent of this bearish move from a larger degree and try to get future price clues from a technical point of view – an Elliott wave point of view.

Price confirmed our expectation in the last forecast. A small rally to $7500 and down the move continued.

5-7 April Bitcoin price prediction: what next?

5-7 April Bitcoin price prediction BTCUSD Elliott wave analysis, M30 (click to zoom)

Yesterday's intraday low was at $6400 (which confirmed end of wave iii) before price rallied to $7500. At $7500, wave iv completed and price dropped quickly. The 5th wave of this degree is expected to continue in the next few days to $5500-$6000. At the end of this, at least a 3-wave rally could happen back to $8000 region. Stay tuned for the next update.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

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