Bitcoin Price Prediction: BTC/USD May Retrace Above $43,000
Bitcoin Price Prediction – April 9
The Bitcoin price moves close to the resistance level of $43,000 as the buying interest may increase within the channel.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $39,000, $37,000, $35,000
BTC/USD is ranging as the market establishes a new upward movement. The buyers may continue to look for some resistance levels by pushing the price towards the 9-day and 21-day moving averages and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price May Reclaim $43,000 Resistance
As the Bitcoin price begins today’s trade at $42,261, it is now heading to the upside and looking forward to reclaiming the resistance level of $43,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $42,000 support breaks down, but the price could rise if the $43,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 50-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the 9-day and 21-day moving averages, it could hit the resistance levels of $46,000, $48,000, and $50,000, but any bearish movement towards the lower boundary of the channel could hit the supports at $39,000, $37,000, and $35,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen sliding below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) remains below the 40-level. From above, if the Bitcoin price moves above the 9-day and 21-day moving averages, the bullish influence could spike and the accrued gains massively.
However, the current candle could fail to cross above the moving averages, and the coin could hit the support at $40,000 and below, but the best the bulls can do is to push the king coin above the moving averages and keep their attention on breaking the potential resistance level of $45,000 and above.
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