Bitcoin Price Prediction – April 3
As the daily chart reveals, the Bitcoin price is trading near the resistance level of $47,000 as the recovery comes slowly.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $51,000, $53,000, $55,000
Support Levels: $42,500, $40,500, $38,500
At the time of writing, BTC/USD is seen trading at $46,453.30 after soaring above the 9-day moving average at the time of writing. The first digital asset is also seen pulling back to where it is currently trading and may head downwards if the bears increase their pressure.
Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside
On the bullish side, the Bitcoin price needs to cross above the upper boundary of the channel, otherwise, there may come a bearish breakdown if BTC/USD falls below the 21-day moving average. Meanwhile, the 9-day MA is above the 21-day MA as the technical indicator Relative Strength Index (14) sends moderate signs where an oscillation to the higher boundary may confirm the proper trend, which is more likely a bullish trend at the time of the outcome.
However, BTC/USD will confirm the bullish trend if the market price moves above $48,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price drops the moving averages and face the lower boundary of the channel. Should this happen, the king coin may slide to the supports of $42,500, $40,500, and $38,500. Otherwise, a strong bullish spike may push the price towards the resistance levels of $51,000, $52,000, and $54,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, Bitcoin (BTC) is currently trading above the 9-day moving average. If the price continues to rise further and moves towards the upper boundary of the channel, it could reach the nearest resistance level at $48,000 and above.
Moreover, if the bears push the coin below the lower boundary of the channel, the price of Bitcoin may likely reach the closest support at $45,000 and below. Now, the technical indicator Relative Strength Index (14) is moving in the same direction above 50-level, suggesting sideways movement within the market.
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