Bitcoin has Exceeded the Level of $ 7500
Kataryna Kovtun April 23, 2020
In April, Bitcoin showed an increase of 12.82%. Its value gradually increased from $ 6176 to $ 7500 (at the time of writing the article on the Bitxmi cryptocurrency exchange). Besides, volatility has declined over the past two weeks.
BTC daily chart on Bitxmi
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.
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
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.
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