Bitcoin (BTC) Price Near Crucial Juncture With Bulls In Control

Bitcoin (BTC) Price Near Crucial Juncture With Bulls In Control

April 22, 2019


Bitcoin (BTC) Price Near Crucial Juncture With Bulls In Control

  • Bitcoin price failed to gain momentum above $5,350 and corrected lower against the US Dollar.
  • The price declined below the $5,300 level and tested the key $5,200 support area.
  • There is a crucial bullish trend line in place with support at $5,245 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is approaching the next key break either above the $5,300 resistance or towards $5,200.

Bitcoin price recently corrected lower, but it remained well supported against the US Dollar. BTC is now preparing for the next break and it could surge above $5,300 and $5,350.

Bitcoin Price Analysis

In the past two days, bitcoin price made a few attempts to break the $5,350 resistance against the US Dollar. The BTC/USD pair failed to gain momentum above $5,350 and recently corrected lower. It broke the $5,300 and $5,250 support levels. There was even a break below the $5,220 level and the 100 hourly simple moving average. However, the $5,200 support area acted as a strong support and the price recently bounced back above $5,220 and $5,250.

There was a break above the 50% Fib retracement level of the recent decline from the $5,348 high to $5,200 low. However, the $5,315 level acted as a strong resistance. It represents the 76.4% Fib retracement level of the recent decline from the $5,348 high to $5,200 low. There is also a crucial bullish trend line in place with support at $5,245 on the hourly chart of the BTC/USD pair. It seems like the pair is approaching the next key break either above the $5,300 resistance or towards $5,200.

If there is an upside break above the trend line and $5,300, there could be more gains. The next important resistance is at $5,350, above which the price could accelerate towards the $5,400 resistance. Conversely, if there is a downside break below $5,250 and $5,245, the price could revisit the $5,200 support area. Any further losses may put a lot of pressure on the bulls and the price is likely to slide towards the $5,100 level.

Looking at the chart, bitcoin price is clearly preparing for the next major break either above $5,300 or below $5,245. The chances of an upside break are high considering the current price action and the $5,200 support area. If the bulls fail to gain strength above $5,300, there could be a sharp drop below the $5,245, $5,200 and $5,160 support levels in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $5,245 followed by $5,200.

Major Resistance Levels – $5,300, $5,350 and $5,400.

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