Bitcoin Price (BTC) Uptrend Intact & Dips Remain Attractive To Buyers

A fresh yearly high was formed at $5,465 before bitcoin corrected lower against the US Dollar.
The price started a downside correction and traded below the $5,200 support level.
There was a break below a major bullish trend line with support at $5,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair tested the $4,950 support area and it seems like there are many supports on the downside.

Bitcoin remains in a strong uptrend despite the recent correction below $5,200 against the US Dollar. BTC is likely to find buyers near soon and it could bounce back above $5,150.

Bitcoin Price Weekly Analysis (BTC)

There was a steady rise in bitcoin above the $5,350 level this past week against the US Dollar. The BTC/USD pair even broke the $5,450 level and traded to a new yearly high at $5,465. Later, there was a downside correction and the price broke the $5,400 and $5,350 support levels. Sellers gained pace once the price broke the key $5,200 support area. There was even a break below the 50% Fib retracement level of the last wave from the $4,702 low to $5,465 high.

Moreover, there was a break below a major bullish trend line with support at $5,200 on the 4-hours chart of the BTC/USD pair. Sellers pushed the price below the $5,000 level and the price tested the $4,950 support area. Besides, there was a test of the 76.4% Fib retracement level of the last wave from the $4,702 low to $5,465 high. Recently, the price recovered above the $5,050 level, but it faced a strong resistance near the $5,130 level. The stated $5,130 level was a support earlier and now it is acting as a hurdle for buyers.

It seems like there might be another downside push towards the $4,950 or $4,900 support levels before the price starts a fresh increase. The $4,800 level is also a strong support since it is a pivot area and coincides with the 100 simple moving average (4-hours). Therefore, if there are more downsides, the price is likely to remain supported near $4,900 or $4,800.

Looking at the chart, bitcoin is clearly trading in an uptrend as long as it is above $4,800 and the 100 simple moving average (4-hours). If there is a close below the 100 SMA, the price could decline towards the $4,500 level. Conversely, the price is likely to bounce back above $5,150 and $5,200 in the near term.

Technical indicators

4 hours MACD The MACD for BTC/USD is about to move into the bullish zone.

4 hours RSI (Relative Strength Index) The RSI for BTC/USD is placed just below the 50 level.

Major Support Level $4,900

Major Resistance Level $5,150

The post Bitcoin Price (BTC) Uptrend Intact & Dips Remain Attractive To Buyers appeared first on NewsBTC.

13.04.2019 / 23:20 43
Can Bitcoin (BTC) Buyers Keep The Rally Going? Can Bitcoin (BTC) Buyers Keep The Rally
Bitcoin price climbed into a crucial uptrend after it broke the $4,200 resistance against the US Dollar. The price surged higher and broke the $4,500
Ethereum (ETH) Price Holding Uptrend Support, Can Buyers Bounce Back? Ethereum (ETH) Price Holding Uptrend
ETH price started a major downside correction after testing the $180 resistance area against the US Dollar. The price declined below the $170 level
Bitcoin (BTC) Price Following Steady Uptrend, Dips Remain Attractive Bitcoin (BTC) Price Following Steady
Bitcoin price climbed higher and broke the $4,100 resistance area against the US Dollar. The price corrected lower recently, but the $4,040 level
Bitcoin (BTC) Price Watch: Dips Remain Attractive To Buyers Bitcoin (BTC) Price Watch: Dips Remain
Bitcoin price extended gains above the $4,000 level and tested $4,040 against the US Dollar. The price started a downside correction after trading as
Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored Bitcoin (BTC) Price Still In Strong
Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar. The price declined sharply below $3,950, but
Bitcoin Price Watch: BTC Turned Buy On Dips, Uptrend Intact Bitcoin Price Watch: BTC Turned Buy On
Bitcoin price formed a strong support near the $3,550 level and traded higher against the US Dollar. There was a break above a major bearish trend
Comments (0)
Add a comment
Comment on