Bitcoin Price Prediction: BTC/USD Bulls May Need Some Time to Break Above $8,000
Bitcoin (BTC) Price Prediction – April 27
Today, the Bitcoin (BTC) price hit the intraday high at $7,825 before retreating below $7,700.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,700, $8,900, $7,100
Support Levels: $6,700, $6, 500, $6,300
BTC/USD has once again made an impressive move to the upside during the early trading session today but the coin is currently trading below $7,700 after touching the key resistance at $7,825. The bulls are now expecting the price to rally higher but the current candle still remains bearish. In order for things to change in the near-term, traders would need to see BTC/USD make a higher high and a higher low to invalidate the current movement that is bearish.
However, if the price ends up doing that, the market would have reason to be bullish not just till $8,000 but even beyond that to $8,000 or higher. However, it is important to note that the potential move to the upside has to be a sustained rally rather than a pump otherwise it would be of little consequence. Despite the recent bullishness in the market, we are yet to see the on-going correction come to completion, whereas, Bitcoin (BTC) bulls are still too optimistic.
Nevertheless, if Bitcoin bulls hold the price to remain above the 9-day and 21-day moving averages; the price could rise above the channel and move to $8,500 vital resistance. A further high drive could send the coin to $8,700, $8,900, and $9,100 resistance levels. Meanwhile, the stochastic RSI is within the overbought zone which may reveal a sign of trend reversal in the nearest term, the support levels to watch are $6,800, $6,500, and $6,300 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
BTC/USD is seen consolidating at the moment. With this, we expect the coin to gain the lost momentum and hit the trade above $7,700. However, the volatility hovers, and the selling pressure still exists which leads the coin to lose the major support crossing below the 9-day moving average. Meanwhile, the $7,400 and below may come into play if BTC breaks below $7,600 support level.
However, in as much as the buyers can still reinforce and power the market, traders can expect a retest at $7,700 resistance level, and breaking this level may further allow the bulls to reach $8,000 and above. The RSI (14) is nose-diving toward the 60-level which shows that more bearish signals may surface.
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