Bitcoin Price Prediction (BTC) – April 11
BTC / USD failed to break past the $ 7,400 resistance after hovering in the past three days. This attracted the sale because the bears broke the $ 7,000 holder. The market fell to a low of $ 6,756.
Resistance levels: $ 10,000, $ 11,000, $ 12,000
Support levels: $ 7,000, $ 6,000, $ 5,000
Bulls surpassed the support of $ 6,800 after a first drop. On this current support, a rebound is possible. Bitcoin will rise above $ 7,500 if the BTC bounces above current support. The momentum is expected to peak at $ 8,000. Bitcoin will be strengthened after the rebound. There may be other possibilities for assembly and escape. Conversely, where the bulls do not act, the bears can turn around and break below the $ 6,800 support.
The initial fall could reach a low of $ 6,400. The downward movement could extend to the low of $ 5,900 if the support of $ 6,400 cracks. Meanwhile, the $ 6,800 support remains as the price continues to consolidate above it. Bitcoin is currently below 80% of the daily stochastic range. This indicates that BTC is in a bearish dynamic. This is contrary to the price action which shows bullish signals.
BTC / USD medium-term trend: Range (4-hour chart)
On the 4 hour chart, the market is down. The bears have crossed the uptrend line. When the price breaks and closes below a trend line; technically, this means that the current upward movement has ended. Meanwhile, support above $ 6,800 remains steady as the price consolidates above it. However, Bitcoin fell to level 40 of the relative strength index period 14. This means that the BTC is in the downtrend area and below the 50 median line.
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