Bitcoin (BTCUSD) Price Forecast: April 6
The Bitcoin price is about retesting the previous highest resistance point as the bulls are preparing to wrestle trend control from the bears. Cryptocurrency is trying hard not to fall heavily to the downside. Therefore, if the bulls could trigger their forces in the market, the price may likely reverse and turn positive to retest the $73679 high level which may further expose the coin price to a $76000 high level and beyond.
Key Levels:
Resistance Levels: $67000.00, $68000.00, $69000.00
Support Levels: $54000.00, $53000.00, $52000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The Bitcoin market remains bullish despite the actions of the bears. The pair is determined to retest the $73679 supply level in its long-term outlook, as seen from the chart above. The price bar can be seen above the EMA-50. Thus, the bulls are set to push us higher from this trend line.
The inflow from the long traders at the $69328 high value during yesterday’s session has contributed to its bullish momentum aiming at retesting the previous high.
The drop in the price of BTCUSD to the $65999 low value as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend.
The bulls could push higher with the current trend thereby retesting the $73679 supply level with significant force to invalidate the selling interests.
In support of the above, if the Bitcoin buyers could sustain above the pattern supply trend line to revisit the $70000 value, the potential recovery could assist buyers at retesting the previous highest point of $73679 upper high level, indicating a growth opportunity of 80%. Thus, it is a buying time for the coin traders.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The coin price is in a bearish market in its medium-term perspective. The price of BTCUSD is also aiming at retesting the previous highest level soon. The crypto is now finding its way to the resistance levels which suggests its bearish trend.
The bears acted bravely during the previous action by dumping the price of Bitcoin down to a $65538 low value below the moving averages, this has made the coin price stay below the supply levels in recent times.
After completing the low dips at a $66397 level, the bulls’ successfully resumed and pushed the price of Bitcoin to a high at the $67478 mark after the 4-hourly chart opened today. This suggests that the new moves may aim at retesting the previous high point at $73679 soon. Moreover, these new moves will strengthen the price recovery.
In addition, the daily stochastic is in an upward direction, therefore, if the buy traders successfully keep the coin prices above the $71099 resistance level, the bulls might aim at retesting the $73679 supply level soon in its medium-term time frame.
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