Forecast on the Bitcoin exchange rate: the coin will rise in price to $ 8000 by May 5

The Bitcoin cryptocurrency rate (BTC) has fixed above the support zone of $ 7600 and continues to grow slowly. Therefore, the coin should go up to $ 8000 by May 5.

Key points:

1. Two attempts by buyers to break through resistance in the region of $ 7,800 failed.

2. On the hourly chart, a downtrend line is formed with resistance at around $ 7800.

3. The bullish trend will strengthen after the bulls overcome the barrier of $ 7800.

On April 23, the BTC price increased by 10% as a result of a powerful impulse, however, the upward movement slowed down, and over the past two sessions, Bitcoin has risen in price by only 2.7%. On April 28, the asset value reached its maximum level over the past 47 days - $ 7796 (on the Gemini exchange). Nevertheless, the bears defended the barrier of resistance at around $ 7800, so the rate was adjusted to $ 7670.

Cryptocurrency is now trading in the range above the closest support area at $ 7,700. If sellers overcome this barrier, then the coin will fall in price by at least $ 7640. This mark is at 50% of the Fibonacci level recorded during the BTC pump pomp from $ 7,485 to $ 7,796. The next support zone is located in the zone of $ 7600, which coincides with the average cost of an asset for 100 hours.

To what level can Bitcoin go up?

There are two most likely scenarios:

1. The value of Bitcoin drops to $ 7600-7400 and then grows to $ 8000;

2. The BTC rate starts from $ 7,700 and reaches $ 8,000.

Most likely, traders will dump a coin up to $ 7400 before a new impulse. At 09:00 Moscow time, the volume of Bitcoin trading increased sharply, as a result of which the asset rate volatility should increase on April 28. On Tuesday, the dynamics of changes in the value of BTC went beyond the upward trend that arose on April 23. But the price of the coin rises as part of the bullish trend of March 13, in connection with this, the market remains positive.

At the level of $ 8000 a powerful resistance barrier has been formed. If the bulls break this barrier, the BTC price will rush to $ 9000. In case of failure, one should expect a fall in the rate to at least $ 7200.

Technical indicators:

The MACD indicator for 4 hours is in the bearish trend zone.

The 4-hour RSI is above 60 (in the neutral area).

The main support level is $ 7600.

The main resistance level is $ 7800.

The nearest pivot points are $ 7,405 and $ 8,053.

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