Bitcoin cryptocurrency exchange rate is consolidating in the range above the key support zone at around $ 6,000. Since March 13, the market has been dominated by an upward trend, therefore the BTC price should rise to $ 6,800 by April 7.
Key Points
⦁ As a result of a bullish trend, the value of Bitcoin reached $ 6,640, but then adjusted to $ 5,900.
⦁ On the hourly chart, an uptrend line is forming with support around $ 6,420.
⦁ In the short term, the BTC may drop to $ 6,280.
Last week, buyers managed to break through the $ 6,000 resistance barrier and gain above that mark. On March 25, the coin’s value reached $ 6,946 (Gemini data), breaking the resistance at $ 6,200 and $ 6,500. To date, cryptocurrency is trading in the range below $ 6500, at 23.6% Fib recorded during the course of the pump from $ 5,846 to $ 6,946.
A bull trend line has formed on the chart with support around $ 6,420. The next barrier is located at around $ 6,300. However, the nearest key support zone is in the region of $ 6,240. If buyers can not defend this barrier, then the price of Bitcoin will rush to $ 6,000.
What Point Will Bitcoin Rise To?
The upward trend, which began on March 13, is not very dynamic. Considering the chart data, we can conclude that by April 7, the cost of BTC will reach $ 6800 at best. At the same time, the lines of the bearish and bullish trends will intersect on April 5. Therefore, the Bitcoin exchange rate volatility should increase after this date.
The upward movement will meet resistance at $ 6600, $ 6640 and $ 6800. If the bulls break the last barrier, the path to $ 7000 will be open. Nevertheless, in the next five days, the risk of falling the value of the asset to $ 6000 remains. The price can overcome this bar, but the bears will not be able to gain a foothold at low levels, because in the range below $ 6,000 Bitcoin is actively purchased.
Technical indicators:
⦁ 4 hours MACD is in the bullish trend zone.
⦁ 4 hours RSI is above 50 (in the neutral area).
⦁ The main support level is $ 6400.
⦁ The main resistance level is $ 6600.
⦁ The nearest pivot points are $ 6185 and $ 6675.
Source: en.bit.news
