Bitcoin Price Prediction: BTC/USD Consolidates at $7,720; Next Direction Remains Awaited
Bitcoin (BTC) Price Prediction – April 27
Bitcoin price is stuck within a strong resistance zone between $7,626 and $7,815. Correction above $7,800 will stir up action towards $8,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,800, $9,000, $9,200
Support Levels: $6,600, $6, 400, $6,200
Bitcoin bulls are slowly coming back in action after a minor battering from the bears. BTC/USD explored lows under $7,800 during the Asian trading hours. The price has since adjusted upwards to $7,815. The prevailing trend is bullish while the volatility is expanding. Bitcoin price is currently correcting downwards above the 9-day and 21-day moving averages as it failed to settle at $7,800 and above.
Although the bulls seem to be flexing their muscles upwards, they are also staring into a critical resistance zone at $7,720.76 to $7,815. If Bitcoin bulls manage to clear the above resistance, they are likely to gather overwhelming support to catapult them towards the resistance levels of $8,800, $9,000, and $9,200.
On the downside, the beginning of the resistance zone $7,500 is playing a double function as a support. So, in the case of a reversal and extended declines, BTC/USD price may likely find supports at $6,600, $6 400, and $6,200. The technical indicator RSI (14) continued to trend in the same direction above 60-level with an indication of an upward movement.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, BTC/USD had a strongly bearish moment and the price is adjusted and now trading at $7,701. The hourly breakdown shows that the price moves in sideways and may likely break down below the 9-day and 21-day moving averages to face the support level of $7,400 and below.
More importantly, the RSI (14) faces downward, which gives an indication that the price may likely move to the south. More so, if buyers can strengthen and energize the market, we can expect a retest of $7,800 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to follow the upward movement.
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