Bitcoin (BTC) Breaches $7,400 Resistance, Rallies above $7,700

24 April 2020 | Updated: 24 April 2020

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bullish
Yesterday, BTC rebounded above $7,200 resistance. The rebound breaks through the resistance of $7,200 and $7,400 to reach $7,773 price level. This move came as a surprise to many analysts and traders. Analysts are of the opinion that if the bulls break the $7,400 resistance, the market will rally and the momentum will extend to the $8,000 resistance. In the meantime, the bears pulled back to $7,500 to resume consolidation. There is a likely tendency of an upward move to the $8,000 price level. The price action has shown some bullish signals of an upward move.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
The moving averages have indicated a bullish crossover. The 21-day SMA crosses above the 50-day SMA indicating that price is rising. Also, price is above the EMAs indicating an upward move. BTC is at level 59 of the Relative strength index indicating that the coin is in an uptrend zone. It is also above the centerline 50.

BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, Bitcoin has resumed an uptrend. A trend line is showing the support levels of price. BTC has rebounded breaking the $7,400 resistance. The market reached a high of $7,773 but pulled back to consolidate above $7,500.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin is below 80% range of the daily stochastic. The market reached the overbought region when price rebounded. Technically, BTC is in a bearish momentum. From the price action, the market is consolidating but it is expected to move up.

General Outlook for Bitcoin (BTC)
The bulls have finally broken the resistance at $7,400 after two weeks of retesting the resistance zone. Buyers have to sustain the uptrend to avoid price sliding downward. After consolidation above $7,500, the market is expected to reach the $8,000 price level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.