CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,463.00
  • ethereum
    ETH$1,637.56
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Is Bitcoin At $5000 Only The Beginning? Following The Crypto Rally, BTC Price Analysis April.3

    Is Bitcoin At $5000 Only The Beginning? Following The Crypto Rally, BTC Price Analysis April.3

    Author: Yuval Gov

    Last Updated Apr 3, 2019 @ 15:41

    As in crypto, always expect the unexpected. Back in 2018, when everyone, besides us, was sure that Bitcoin would be holding up forever the bear market’s bottom at $6000, we all know how it ended up. For those who have a short memory, following the breakdown of $6000, Bitcoin had lost nearly 50%, in its way to the lowest price of the current bear market at $3120 (Bitstamp).

    Back to our times: When everyone was sure we are at least going to visit the $3000 area one more time, or this bear market will only recover somewhere during 2020 – 2021, then it came: an explosion: In a matter of hours, Bitcoin gained 22%.

    Personally, I didn’t expect such a sharp bullish move. In my opinion, until we get a clear sign, whether it’s fundamental or technical (a Golden Cross), the status of the market stays the same.

    However, one thing could have given some clues about the coming up BTC move we just saw, and it’s the BTC dominance. This was written just three days ago, on our last price analysis:

    “Like any technical data, the 50% dominance mark should be a strong resistance level, in my opinion. It’s likely that either BTC will fire its engines or will get dumped, which will cause the altcoins, that had seen fabulous gains over the past month, to dump more whereas the dominance will raise.”

    Total Market Cap: $175 Billion

    Bitcoin Market Cap: $88.25 Billion

    BTC Dominance: 50.3%

    Looking at the 1-day & 4-hour charts

    Following the surge, Bitcoin is now facing the $5000 resistance area. Despite the intra-day correction of yesterday down to $4700, the RSI is stretched into the bullish zone. Actually, the RSI is almost touching the 90 levels. This level is the highest since the end of 2017, and we all remember what had happened at that time with the Bitcoin’s price.

    – Support/Resistance: The $5000 is indeed a tough resistance area. In case Bitcoin manages to overcome the $5K, we should expect the next resistance to be $5100 before reaching the significant resistance area of $5300.
    From below, there is strong support around $4700 (38.2% Fibonacci retracement level) and even stronger support around $4600, where lies the 200-days moving average line of the daily chart (marked in light green). Below lies resistance turned support levels of $4500 and $4400.
    – The daily trading volume: The breakout was followed by massive amount of volume on all exchanges, especially on Binance. This is a very bullish sign for the next future of BTC.

    – BitFinex open short positions: The spike in Bitcoin had caused lots of short positions’ liquidations. Looking at the short positions chart, it’s incredible how the number quickly dropped to 17K and regained spot to where it stands now – 20.8K. As a reminder, 17K is the lowest number of open shorts since February 2018.

    BTC/USD BitStamp 4-Hour Chart

    btc_apr3_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_apr3_d-min

     

     

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


    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.
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    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

  • bitcoin
    BTC$27,463.00
  • ethereum
    ETH$1,637.56
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Future of EOS: The World’s Largest ICO With ENF CEO Yves La Rose (Podcast)

    The Future of EOS: The World’s Largest ICO With ENF CEO Yves La Rose (Podcast)

    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    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. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!