Bitcoin (BTCUSD) Price Forecast: April 13
It is about time for the Bitcoin price to swing above the $73709.99 supply level. The coin will most likely continue its bullish run and the price could still go higher if the bulls can break up the previous high value. As a result, the price action may hit the $78000 upper resistance level.
Key Levels:
Resistance Levels: $69000.00 $70000.00, $71000.00
Support Levels: $42000.00, $40000.00, $39000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD price is likely to swing above the mentioned supply level as it remains bullish on the higher time frames. This is clear as we can see the prices trading above the moving average lines indicating an uptrend.
However, the previous action at the $70634.04 high level in the past few days has sustained the coin price to swing above the supply trend line in its recent high.
Today, the bulls made a rally upwards to a $71265.74 resistance level above the EMA-50; this implies an uptrend and also shows the bullish impact on the coin.
Thus, if the buying team could push harder, the BTCUSD price will swing above the previous high of $73709.99 point as buyers are seen clustered around the market presently.
In addition, the coin is in an uptrend on the daily stochastic, under the influence of this market level, the price of Bitcoin could rise steadily soon and swing above the mentioned previous high level to reach the $78000.00 resistance level in the coming days as we watch the crypto market swing above the critical level and turns strongly bullish in the long-term perspective.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Bitcoin price might swing above the crucial level despite the interference of short-term traders in the price flow in the medium-term time frame. The price of BTCUSD can be seen above the moving averages. This shows that buyers are currently gaining more strength in the market.
The coin has been having a series of higher highs and higher lows from the past session which has made it possible for the coin price to swing above the supply levels in its recent high.
Meanwhile, the current price at a $70603.02 low value above the supply trend lines has not stale the market condition of the crypto as it remains in an uptrend.
If the bulls could increase their buying speed, the coin price may turn up from the current support and swing above the $72631.19 supply mark to invalidate the bearish thesis.
However, there is a possibility of further increase in the price of Bitcoin, if the buy traders should increase their price actions and all the current support level holds, a psychological key level at the $78000.00 supply level might be reached soon in its medium-term time frame.
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