Bitcoin (BTC) Trend Overwhelmingly Positive As Bulls Eye $5,400

Bitcoin price formed a double bottom pattern near $4,940 and climbed higher against the US Dollar.
Bulls pushed the price above the key $5,150 and $5,160 resistance levels.
Yesterdays highlighted major bearish trend line was breached at $5,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently trading in a positive zone and it could continue to rise towards $5,350 or $5,400.

Bitcoin price rebounded sharply above $5,200 against the US Dollar. BTC is back in a decent uptrend and it seems like it could climb towards the key $5,400 resistance area.

Bitcoin Price Analysis

Yesterday, bitcoin price revisited the $4,940 support area against the US Dollar. The BTC/USD pair found a strong buying interest near $4,940 and later started a decent upward move. It seems like the price formed a double bottom pattern near $4,940, which is a positive sign. It broke the $5,100 resistance and the 100 hourly simple moving average to start a solid upward move. Besides, there was a break above the 50% Fib retracement level of the last drop from the $5,186 high to $4,943 low.

More importantly, yesterdays highlighted major bearish trend line was breached at $5,110 on the hourly chart of the BTC/USD pair. Finally, there was a break above the key $5,150-5,160 resistance area (the previous support). It opened the doors for more gains and the price traded above $5,200 and $5,250. A new weekly high was formed at $5,275 and the price is currently consolidating gains. An initial support is near $5,200 and the 23.6% Fib retracement level of the recent wave from the $4,943 low to $5,275 high.

However, the main support is near the $5,150-5,160 area (the previous resistance). Below $5,150, the price could test the $5,100 support area and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $4,943 low to $5,275 high is also near the $5,109 level. Therefore, dips from the current levels remain well supported near $5,160 and $5,100.

Looking at the chart, bitcoin price clearly jumped back in a positive zone above $5,160. In the short term, there could be a downside correction, but the bulls are likely to defend $5,160 or $5,100. On the upside, an initial resistance is near the $5,275 level, above which the price might test $5,300. Any further gains is likely to set the pace for a push towards the $5,400 level.

Technical indicators:

Hourly MACD The MACD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD jumped above the 60 level and it is currently correcting lower.

Major Support Levels $5,160 followed by $5,100.

Major Resistance Levels $5,275, $5,300 and $5,400.

The post Bitcoin (BTC) Trend Overwhelmingly Positive As Bulls Eye $5,400 appeared first on NewsBTC.

17.04.2019 / 00:00 43
Bitcoin Price Prediction: BTC Bulls Waiting On Sidelines To Go Big Bitcoin Price Prediction: BTC Bulls
Bitcoin price struggled to break the $5,190-5,200 resistance area and declined against the US Dollar. The price revisited the $4,940 support area and
Ethereum (ETH) Price Breaks $170, Bulls Now Target $200 or Higher Ethereum (ETH) Price Breaks $170, Bulls
ETH price started a strong rally above the $150 and $160 resistance levels against the US Dollar. The price rallied recently and even climbed above
Bitcoin Cash Price Analysis: BCH/USD Formed Double Bottom Near $400 Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price dipped sharply and retested the $410 support area against the US Dollar. There was a break above a connecting bearish
Bitcoin Price Watch: BTC/USD Forms Double Bottom Near $6,360 Bitcoin Price Watch: BTC/USD Forms
Key Points Bitcoin price declined recently and tested the $6,350-60 support area against the US Dollar. There is a major bearish trend line formed
Bitcoin Price Watch: BTC/USD Forming Double Bottom Near $6,220 Bitcoin Price Watch: BTC/USD Forming
Key Points Bitcoin price declined sharply and trimmed most of its yesterdays gains against the US Dollar. There was a break below a major bullish
Ethereum Price Analysis: ETH/USDs Double Top Active Ethereum Price Analysis: ETH/USDs
Key Highlights ETH price formed a double top pattern and broke a key support at $600 against the US Dollar. Yesterdays highlighted important bullish
Comments (0)
Add a comment
Comment on