Bitcoin (BTC) Price Analysis: Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

By Yaz Sheikh
Published April 18, 2020 Updated April 18, 2020
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Bitcoin (BTC) Price Analysis: Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

By Yaz Sheikh
Published April 18, 2020 Updated April 18, 2020
  • Bitcoin increased by a total of 8% over the past 3-days which had allowed the cryptocurrency to climb above $7,000.
  • The cryptocurrency is now struggling to break above resistance at $7,175.

Bitcoin had witnessed a strong 8% price surge over the past 3-days which allowed the cryptocurrency to climb back above the $7,000 level. However, Bitcoin is now struggling with resistance at $7,174 which is provided by a bearish .618 Fib Retracement level. It must break this resistance and higher resistance at $7,400 if it would like to make a move toward $8,000.

Bitcoin was previously trading lower over the past 7-days as it dropped into support at $6,612, provided by a short term .382 Fib Retracement level. It rebounded from this support 3 days ago which allowed it to climb back above $7,000.

This rebound is not surprising when we consider the fact that the Bitcoin block halving is just a short 23 days away now.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

Market Overview

Analyzing the daily chart above, we can clearly see Bitcoin dropping into the support at $6,612, provided by short term .236 Fibonacci Retracement level. It had broken beneath a rising support trend line which put it in danger of turning bearish, however, the rebound at $6,612 which stopped the coin from unwinding lower.

Short term prediction: Neutral/Bullish

Bitcoin still remains neutral as we wait for a break above $7,400 to turn bullish again.

The first level of resistance to break is at $7,175 which is provided by a bearish .618 Fib Retracement level. Above this, strong resistance lies at $7,400.

If the buyers can continue to climb above $7,400, higher resistance is located at $7,500, $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

On the other hand, if the sellers push beneath $7,000, the first level of support lies at $6,6112 (.236 Fib Retracement). Beneath this, support lies at $6,500, $6,200, and $6,000 (.382 Fib Retracement).

Key Levels

Support:$7,000 $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz Sheikh
182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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