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BTC/USD Retreats After Trading Above $47,000

Bitcoin Price Prediction – April 2

The Bitcoin worth prediction exhibits that BTC rises within the early hours of right this moment, however acquired rejected because the market ranges.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key ranges:

Resistance Levels: $51,000, $53,000, $55,000

Support Levels: $42,000, $40,000, $38,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD could start to observe the bearish motion if the bears pressure the king coin to bow down to recent losses. At the time of writing, BTC/USD is altering palms at $46,158 after adjusting from the resistance degree of $47,219 which is an intraday excessive. Moreover, the Bitcoin worth could also be susceptible to losses if the worth crosses beneath the 21-day shifting common.

Bitcoin Price Prediction: Bitcoin (BTC) Bears May Show Again

The Bitcoin worth from a technical angle reveals that the market worth could observe the downtrend or proceed to transfer sideways as a result of the bullish motion is not seen now. However, the technical indicator Relative Strength Index (14) could verify the bearish motion if the sign line drops beneath the 60-level.

Moreover, bulls are at the moment banking on the 9-day shifting common to make sure that regardless of a reversal, the Bitcoin worth stays above this barrier. Any bearish motion beneath this might draw the coin in the direction of the decrease boundary of the channel and should trigger the coin to attain the vital helps at $42,000, $40,000, and $38,000. Following the upward motion, if the coin crosses above the higher boundary of the channel, it might hit the closest resistance ranges at $51,000, $53,000, and $55,000 respectively.

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BTC/USD Medium-Term Trend: Ranging (4H Chart)

As the 4-hour chart reveals, the Bitcoin worth is seen crossing beneath the 9-day and 21-day shifting averages, and the bears are possible to come again into the market whereas the bulls are making an attempt to defend the $46,000 assist. If not, the $44,000, $42,000, and $40,000 assist ranges could come into play if the coin focuses on the downward motion.

BTCUSD – 4 Hour Chart

Moreover, consumers might have to regroup and maintain the assist of $46,000, as soon as this is completed, merchants could anticipate a motion in the direction of the higher boundary of the channel, and this might push the king coin to the resistance ranges of $48,000, $50,000, and $52,000. Meanwhile, the technical indicator Relative Strength Index (14) is seen dropping barely beneath the 50-level, suggesting a steady bearish motion.

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