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    Home » Crypto News » Bitcoin Price Analysis April 18: BTC Is Facing $5300 For The Third Time – What’s Coming Up Next?

    Bitcoin Price Analysis April 18: BTC Is Facing $5300 For The Third Time – What’s Coming Up Next?

    Author: Yuval Gov

    Last Updated Dec 10, 2019 @ 13:58

    Since our previous analysis, we got another proof that the demand around $5000 is quite substantial: For the past 12 days and since breaking up, Bitcoin held firmly above the $5000 area.

    Looking at the daily chart, we can see the sideways movement over this time: from above there is the $5300 boundary, whereas from below is the $5000 boundary.

    Since yesterday we can see Bitcoin making its way up, slowly toward the $5300 again, for the third time in the past 12 days. However, there are two options: The bullish one is, of course, breaking up (and holding it). The bearish scenario is completing a sort of head and shoulders pattern (now it is the right shoulder) with lower targets around $4500 – $4600.

    Total Market Cap: $179.8 Billion

    Bitcoin Market Cap: $93.4 Billion

    BTC Dominance: 51.9%

    Looking at the 1-day & 4-hour charts

    – Support/Resistance:
    From below, the closest support level is the $5200, with some support coming from the 4-hour chart 50-days moving average line at $5150. Below lies the strong $5000 support level. Breaking down the last could target Bitcoin to retest prior support at $4800 and $4700. Further below is the 200-days moving average line (1-day chart) which is currently around $4500.

    From above, the closest significant resistance is the $5300 – $5350 area. In the case of a break-up, the next target is the $5500 level before getting to the 2018 support turned resistance line at $5700.

    – Daily chart’s RSI: Stochastic RSI oscillator of the daily chart had recently made a cross-over in the oversold area. This supports the option of a break-up of $5300. Besides, the RSI had broken up a descending trend-line, and now aiming at the 70 RSI level.

    – The daily trading volume: In my opinion, the volume lacks, as the past few days carried low volume (and low volatility). In the case of a breakup, BTC will seek for higher amount of trading volume.

    – BitFinex open short positions: the open short positions, had slightly increased to 19.5K BTC of open positions.

    BTC/USD BitStamp 4-Hour Chart

    btc_apr18_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_apr18_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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