Bitcoin (BTC) Price Prediction – April 10
The Bitcoin (BTC) is likely to suffer more losses as it looks like the downside target of $6,500 is still in sight.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,100, $8,300, $8,500
Support Levels: $5,900, $5,700, $5,500
A couple of days ago, we saw a significant drop in the price of Bitcoin, lower than the $6,900 support against the US dollar. The BTC/USD pair found support close to $6,600 and corrected higher today. The coin climbed above the $6,600 level but couldn’t gain ground above the 9-day and 21-day moving averages where a peak was formed 3 days ago.
However, as a result of this, the price of Bitcoin began to fall further below the support level of $6,900 within the channel. As long as BTC stays above the support level of $6,500, a correction towards $7,200 is possible and after hitting it, the coin may likely visit the next resistance levels at $8,100, $8,300 and $8,500.
Conversely, if there is no recovery above the support level of $6,500, the price may continue to fall to support levels of $5,900, $5,700 and $5,500. Meanwhile, the technical picture looks bearish as RSI (14) faces level 50 pointing downwards, which indicates that the sell-off may continue.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-Hour chart, the bears have now dominated the market by pushing the BTC/USD price below its support level that existed around $6,750. Although, the Bitcoin price has not yet slipped below $6,500 and it’s still in the loop of making a bounce back. Currently, the price of Bitcoin hovers around $6,874.50 and may take time to persistently trade above $7,000.
Furthermore, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement may likely push the price near the resistance levels of $7,200, $7,400 and $7,600 while the immediate support levels lie at $6,600, $6,400 and $6,200. The MACD is seen moving into the negative region while the decreasing negative divergence suggests that the bears may come into play.
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