In this Bitcoin price analysis, the BTCUSD pair will climb to $5,500 and $6,000 if the bulls are able to break the $5,300 resistance level. What is more?
Bitcoin Price Analysis
Bitcoin price had been trading in the bullish trend zone as the price is above the 12-day and the 26-day Exponential Moving Averages (EMAs) to indicate that BTC price is likely to rise. Yesterday, April 18, the price climbed and reached a high of $5,310.90, nevertheless, the bulls met resistance.
BTC bulls were unable to break the resistance level of $5,310.90 for the third time. Today, April 19, the price of Ripple is retracing as a result if the resistance. If price retraces, XRP may decline to the support level of $5,200 or to the support of the 12-day EMA.
On the other hand, if the bulls are unable to break the resistance level, XRP price breakout will do. In the meantime, the stochastic indicator is at the overbought region while below the 80% range, suggesting that Bitcoin price is in a bearish trend and a sell signal.
BTCUSD Short-term Price Analysis
As the 4-hour chart shows, BTCUSD price is in a tight range bound movement. After BTC bulls broke the resistance level of $5,200, the $5,300 price level has been another hurdle for Bitcoin price. At the moment, the BTCUSD pair is in a range bound movement between the $5,200 and $5,300 levels. The bulls have been unable to break the resistance level on two different occasions.
Currently, BTC bulls are making another attempt to break the $5,300 price level. The price off BTC will rise to $5,500 and $6,000 if the bulls are able to break the resistance level. However, if the bulls are unable to break the resistance level, the BTCUSD pair will continue its range bound movement.
In the meantime, the stochastic indicator is at the overbought region while above the 60% range, suggesting that the Bitcoin price is in a bearish trend and a sell signal.
- Resistance levels: $7,000, $7,200, $7,400
- Support levels: $5,100, $4,900, $4,700
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.