April 13, 2021 / Analytics

Bitcoin Price Analysis: The Bulls Are Preparing For Breakout

bitcoin forecast

Bitcoin (BTC) cryptocurrency rate has fixed above the support zone of $ 60,000 and is changing within the upward channel. Therefore, BTC/USD should rise to $ 67,000 by April 20.

  • Key Points
  • BTC is above the 100 hour moving average ($ 59,500) and is trading above the $ 60,000 support barrier.
  • A bullish trend line has formed with support at $ 60,000 on the hourly chart.
  • The asset’s price will increase if the $ 60,000 hedge sustains.

Bitcoin rate rose to $ 61,238 on Monday. However, the bulls did not build on the success, and the price of the coin fell below $ 60,000 again. Nevertheless, by April 13, buyers managed to break through the resistance around $ 60,000 and gain a foothold above this mark. A contracting triangle is forming on the chart. The upper border of the pattern is at $ 61,000 and the lower is at $ 60,050. The lines of the pattern will cross on April 14th. In this regard, during the next session, we should expect a decrease in the level of volatility.

btc chart

If the triangle is broken down, Bitcoin price will fall to the nearest key support zone, which is in the $ 58,350 zone. The upward movement will meet strong resistance around $ 61,300. At the same time, the coin rate fluctuates within the boundaries of the upward channel, which began to form on March 1. The lower line is now at $ 56,310, and the upper line is at $ 67,000. Thus, the buyers’ target is located at the level of $ 67,000.

btc chart

The Bulls Are Preparing For The Breakout

In April, the level of volatility and the volume of Bitcoin trading reached their lowest values ​​in the last few months, so the MACD indicator turned out to be in the negative area over the week. Moreover, the dynamics of changes in the RSI index indicates the occurrence of a bearish divergence, since the value of the index and the BTC rate move in opposite directions.

However, analyst Horn Hairs predicts an increase in the BTC rate in case of consolidation above $ 60,000. He believes that Bitcoin will reach the second space speed. As soon as the coin overcomes the gravitational pull of the $ 60,000 zone, the upward movement will begin to rapidly gain momentum until it reaches the moon. Drawing an analogy with the final chord of bull run in 2017, it can be assumed that there will be enough fuel to withdraw $ 120,000 worth of Bitcoin.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI index is above 60 (in the neutral zone).
  • Major Support Level – $ 58,350.
  • Major Resistance Level – $ 61,300.
  • The nearest pivot points are $ 58,881 and $ 62,453.
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