Bitcoin has Exceeded the Level of $ 7500

Kataryna Kovtun April 23, 2020

Bitxmi

Image for post
Image for post

BTC daily chart on Bitxmi

Image for post
Image for post

After the fall of March 12, Bitcoin became a member of two price models. From March 13 to March 27, the coin formed a rising wedge pattern, which was pierced on the 27th. Until March 30, the coin made a bearish pullback by 14.79%. After a series of corrections, Bitcoin began to grow again, and over the past two weeks, the asset has formed a symmetrical triangle.

An asymmetrical triangle indicates a 50% chance of both a bullish and a bearish breakout. Starting April 2, BTC has consolidated between $ 6,600 and $ 7,400.

Image for post
Image for post

In the event of a bullish break next week, the asset should retest resistance at $ 7562. However, due to the lack of a significant bullish impulse, it may not be able to stay above this mark.

In a bearish scenario, another correction period should lead to a drop in bitcoin to the support level of $ 6584.

At the time of this writing, MACD remained bullish. But kept proximity to the signal line, indicating the possibility of a trend reversal.

4 hour BTC chart on BitXmi

Image for post
Image for post

On a 4-hour chart, the movement of Bitcoin is becoming more interesting. Until early April, its price was growing, but now it can not rise above $ 7520. You can see that Bitcoin several times tested resistance at $ 7100.

Although there are no direct bearish signs associated with this movement, this step may have indirect bearish consequences. Retesting and going out for $ 7100 may exhaust buyers’ pressure.

It is estimated that by the end of April, Bitcoin will remain at around $ 7,500. And current price levels will become cryptocurrency support.

Read more about Bitcoin rate on news.bitxmi.com

Join Bitxmi Exchange and get $10 worth of 100 BXMI tokens after your first trade

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.

Image for post
Image for post

Written by

🔗| Secure & Fast Crypto💰 Exchange🧮. ⚡| Low Trading & Withdrawal Fees. 🔥 |100+ Coins & 144+ Pairs.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store