Bitcoin Price Prediction – April 9
The Bitcoin price prediction shows that BTC bulls’ comeback is likely to send the price towards the resistance level of $44,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,000, $36,000, $34,000
The daily chart shows that BTC/USD is recovering from the support level of $46,000 following a bearish correction. Today, the European session is characterized by a renewed upward trend whereby BTC/USD has recovered from intraday lows at $42,118 to trade around $42,477. Moreover, the Bitcoin price is currently hovering 0.51% higher on the day as the king coin moves toward the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Bitcoin (BTC) Needs to Move Above $44,000
Looking at the daily chart, the Bitcoin price is yet to trade below the support level of $42,000. Therefore, the first digital asset is now heading towards the moving averages. On a bullish note, looking at the technical indicator, the Relative Strength Index (14), the signal line is likely to move back to cross above the 50-level, which suggests that the Bitcoin price will once again move towards $45,000, which is the potential resistance level.
However, a strong bullish movement above the 9-day and 21-day moving averages may take the price to the resistance levels of $48,000, $50,000, and $52,000. Moreover, if the market makes a quick turn to the south, BTC/USD may likely cross below the support level of $42,000, and should this support fails to contain the sell-off, traders may see a further drop to the support levels of $38,000, $36,000, and critically $34,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Following the 4-hour chart, Bitcoin (BTC) is now trading at around $42,509. Although the Bitcoin price has not yet closed above $43,000, it’s still in the loop of making a reversal. However, the Bitcoin price hovers below the 9-day and 21-day moving averages and may take time to persistently trade above this barrier.
At the moment, BTC/USD is currently moving sideways as the technical indicator Relative Strength Index (14) moves in the same direction below the 40-level, the upward movement may likely cause the coin to hit the nearest resistance level at $44,000 and above while the immediate support lies at $41,000 and below.
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