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    Home » Crypto News » Bitcoin Price Analysis April 13: Bitcoin Seems Steady Above $5000. But, What’s Next?

    Bitcoin Price Analysis April 13: Bitcoin Seems Steady Above $5000. But, What’s Next?

    Author: Yuval Gov

    Last Updated Dec 10, 2019 @ 14:33

    Since our recent analysis, and the following update which was written just hours after as the break down took place, Bitcoin seems steady on top the significant $5000 support area.

    In our recent price analysis we warned from the 1-day Stochastic RSI oscillator’s cross down: “The Stochastic RSI oscillator had recently crossed over at the bullish territory and now pointing down. This might lead to a deeper correction.” It was written while Bitcoin’s price was $5300 – $5400.

    How deep will this correction be? Everything is explained below. To sum it up, the next critical levels of support (for the big picture) lie at $5000, $4500 and $4200.

    Total Market Cap: $171.8 Billion

    Bitcoin Market Cap: $89.5 Billion

    BTC Dominance: 52.1%

    Looking at the 1-day & 4-hour charts

    – Support/Resistance:
    Following the breakdown of the ascending trend-line and the ascending triangle on the 4-hour chart, Bitcoin reached the next significant support area around the $5000 level. So far it looks like the mentioned support area holds up. In case of breaking down, further support is located at $4800. Below are the $4700 and the 200-days moving average line (1-day chart) which is currently around $4530. Looking at the bigger picture, as long as Bitcoin maintains the $4200 area, the chances that we have seen the bottom of the current bear market are very high.

    From above, the nearby resistance lies at $5100. Further support turned resistance level lies at $5200, before reaching the $5300 – $5350 area. The next significant resistance lies at the past week’s high around $5500 before getting to the 2018 legendary support turned resistance line at $5700.

    – Daily chart’s RSI: The RSI is pointing down, following the cross down of the daily Stochastic RSI oscillator. There is still a little room to move down here. However, the RSI is very close to the oversold territory.

    – The daily trading volume: The trading volume of the past two days is meager. This could be because of the weekend, but a positive sign is that the volume of the buyers is higher than the volume of the sellers.

    – BitFinex open short positions: Like Bitcoin’s price, the open short positions, are steady for two days around 18.8K BTC of open positions.

    BTC/USD BitStamp 4-Hour Chart

    btc_apr13_4h_v2-min

    BTC/USD BitStamp 1-Day Chart

    btc_apr13_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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