In the last Bitcoin price forecast of April 7th, when the Bitcoin price was $ 7,345, we wrote:
Bitcoin had a very bullish start to the week and broke bullishly out of the rising triangle price pattern. The Bitcoin course has that resistance at the Golden ratiowhich until $ 7,200 enough, broken. He is currently on the way to his next one Price target at $ 7,800where the next Golden ratio lies.
The 200-week EMA had previously served as excellent support. Of the horizontal resistance between $ 6,400 and $ 6,900 was broken and now serves as support.
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If Bitcoin does Golden ratio at $ 7,800 breaks, bullish price prospects are expected.
Bitcoin price forecast – golden ratio was not broken!
Bitcoin daily rate – tradingview
Bitcoin only rose slightly above the golden ratio and was therefore unable to sustainably break it. The Bitcoin course had that Golden Ratio at 7,200 $ broken briefly, but yesterday’s day candle gave the first signs that this bullish outbreak is unsustainable. The Bitcoin course is still in one Bear trend, and now it is extremely important whether the Bitcoin course succeeds between $ 6,400 – $ 6,900support to find. If this does not happen, and Bitcoin falls below this price level in the long term, then Bitcoin is bearish in every cyclical view, except for the largest macro cycle.
That would mean that new lows could not be ruled out. The next Supports to $ 6,400 – $ 6,900 are included with Bitcoin:
$ 4,200 – $ 5,000
$ 3,100 – $ 3,600
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Bitcoin price forecast – under the golden ratio!
Bitcoin weekly rate – trading view
In the weekly rate, the Bitcoin rate is still higher than at the beginning of the week, but Bitcoin is with it current price of $ 6,907 under the Golden Ratio which still has to be broken. If Bitcoin initiates a turnaround right now and falls sharply, this will serve as confirmation of the bear trend. At about $ 5,500 is also the 200-week EMA, which additionally as support serves. Unless the weekly candle closes below $ 6,773 in the night from Sunday to Monday, there is no reason to assume that Bitcoin is now initiating a turnaround. But if the weekly candle closes below this level, it would be very bearish indeed.
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Bitcoin price forecast – hope in the 4h chart!
Bitcoin 4H course – tradingview
The 4H course gives hope, they have to close EMAs themselves not yet bearish crossed, but in fact they are not far awayfrom one Death Cross. It really really depends on whether Bitcoin will find support or not. Since the RSI soon oversold Regions, the Bitcoin price could catch on soon. On possible correction target would be present $ 6,400.
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Best regards and successful trades
Constantine
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