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Home » Crypto News » Bitcoin Price Analysis April 30: BTC Steady But Fragile, Tight Range Ahead Of The Next Major Move

Bitcoin Price Analysis April 30: BTC Steady But Fragile, Tight Range Ahead Of The Next Major Move

Author: Yuval Gov

Last Updated Dec 9, 2019 @ 11:28
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Since our previous Bitcoin price analysis, nothing much had changed in the bigger picture, as the coin still trading inside the tight range between $5000 and $5200.

It looks like the market is searching for its direction, getting ready for its the next big move. The crypto world is still under the unclear situation coming out from BitFinex and Tether, whereas anything might happen from this side.

Another thing to notice is the BTC dominance, which is on the rise since its 50% 2019 low.The primary reason for this is the largest altcoins such as Ethereum and Ripple, which are continuously dropping.

Total Market Cap: $170.4 Billion

Bitcoin Market Cap: $93.2 Billion

BTC Dominance: 54.6%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
Looking on the 4-hour chart, Bitcoin had recently tested resistance at the descending trend-line for the third time, and getting rejected. This marks $5200 the next significant resistance level. In case of a break-up, we could expect Bitcoin to reach further resistance at $5300 – $5350. Further higher is $5500.
From below, the closest support (weak) lies at $5100, before reaching the significant $5000 support area, along with the 4-hour’s chart MA-200 line (marked in light green). Below is the $4700 – $4800 support area, before reaching the $4500 level.

– Trading Volume: As the volatility decreased over the past days, the volume is very low. Traders are waiting for the next big move.

– Daily chart’s RSI: the RSI is still facing tough resistance at 56; the Stochastic RSI is at its oversold levels, about to make a cross over.

– BitFinex open short positions: after reaching its weekly high, the number of short positions decreased a bit – as of now it stands on 29.7K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

btc_apr30_4h-min

BTC/USD BitStamp 1-Day Chart

btc_apr30_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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