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Home » Crypto News » Bitcoin Is Getting To Its Critical Decision Point: Will $5300 Finally Break? BTC Price Analysis April 10

Bitcoin Is Getting To Its Critical Decision Point: Will $5300 Finally Break? BTC Price Analysis April 10

Author: Yuval Gov

Last Updated Dec 10, 2019 @ 14:49
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Following our previous analysis, Bitcoin is still in the same area, around $5200, inside the ascending triangle formation (which can be seen on the following 4-hour chart).

This is what we had written on our last analysis: “From above, Bitcoin is still facing the $5200 area. After twice getting rejected, Bitcoin is getting closer to breaking up the $5200; however, the real target is the resistance area of $5300.”

The big picture hasn’t changed much: The real resistance is located around $5300 – $5350, while BTC is expected to reach its decision point in the next day or two. A breakout of the above pattern and we could easily see Bitcoin’s new highs at $5600 – $5700. Rejection – and the bears are likely to return into the main crypto stage.

Total Market Cap: $182.1 Billion

Bitcoin Market Cap: $92.6 Billion

BTC Dominance: 50.9%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
From above, as mentioned, Bitcoin is now looking on the resistance area of $5300 – $5350. In case of a break-up, some resistance lies at $5500 before reaching the 2018 legendary support turned resistance line at $5700.
From below, there is a close-by resistance turned support level of $5200, along with ascending trend-line that is building the triangle (mentioned above). The next resistance area lies around $5000 – $5100. Further below lies $4800 and $4700. Far below is the 200-days moving average line of the daily chart (marked in light green) which is currently around $4550.

– Daily chart’s RSI: The RSI level found support at the 80 level, along with the long-term descending supporting trend-line. As of now, the RSI indicator looks bullish; however, Stochastic RSI oscillator had recently crossed over at the bullish territory. This might start a correction down for the next couple of days.

– The daily trading volume: The trading volume had calmed down since the Bitcoin rally of a week ago. This sometimes could predict a coming-up strong move.

– BitFinex open short positions: Following the recent sudden 20% drop in the short positions, the number had found support on the long-term 17K line. Since then it had safely climbed up to 18.7K BTC open short positions, as of now.

BTC/USD BitStamp 4-Hour Chart

btc_apr10_4h-min

BTC/USD BitStamp 1-Day Chart

btc_apr10_d-min

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Bitcoin Bitcoin (BTC) Price
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About The Author

Yuval Gov
More posts by this author

Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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