Could Bitcoin (BTC) Price Finally Move To Its High Range?
The long-term outlook for the Bitcoin (BTC) price is decidedly bullish, but the short-term trend remains undecided.
The daily timeframe readings for the Bitcoin price are giving conflicting signals. On the positive side, the price broke out of the resistance area at $24,800. Then it reached a new annual high of $29,380 on March 24. Moreover, the daily RSI broke out from its bearish divergence trend line (green line) and validated it as support.
However, the price has also created a double top pattern (red icons) combined with long upper folds. This was reinforced by a new bearish divergence in the RSI (red line).
Therefore, the conflicting signs make it unclear whether the BTC price will rise to the next resistance at $31,800 or fall to the $24,800 support area.
It is worth mentioning a negative Bitcoin news from April 4th. Texas lawmakers passed “Bill 1751”, which greatly restricts Bitcoin miners’ operations.
Weekly Bitcoin (BTC) Price Outlook Remains Bullish
While the technical analysis from the daily timeframe does not confirm the direction of the trend, the weekly outlook is decidedly bullish. There are many reasons for this.
BTC price broke out of a long-term descending resistance line that had existed since the all-time high. It then validated it during the week of March 6-13, creating a long lower wick (green icon) and a bullish engulfing candlestick the following week. Finally, the weekly RSI moved above 50 (black icon) for the first time since June 2021.
As a result, the weekly time frame indicates that the price is expected to move towards its long-term resistance at $31,500, which is in line with the shorter one at $31,800.
On the other hand, a weekly close below $24,600 would invalidate this bullish forecast. If that happens, the BTC price could drop towards $20,000.
Bitcoin (BTC) Price Prediction for April: Rally or Correction?
Bitcoin price prediction for April is still tied. The main reasons for this are the wave number and the previously outlined bearish divergence in the RSI.
The wave count shows that the BTC price has completed a five-wave upward movement (white). In it, wave five expanded (white), reaching the same length as waves one and three combined. If the upward movement is complete, a significant correction will soon follow. This is also supported by the bearish divergence in the 12-hour RSI (green line).
In this case, BTC price could fall to the 0.382 Fib retracement support level of $24,065, very close to the long-term support area.
However, if the daily RSI breaks its bearish divergence trendline, it also causes a price pump. This would invalidate the bearish Bitcoin price prediction for April and could catalyze a move towards $32,000.
To conclude, while most long-term Bitcoin price forecasts are bullish, the short-term remains a draw. Whether the price makes a new annual high or is rejected from the current level will go a long way in determining the direction of the short-term movement.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
