In this Bitcoin price analysis, a breakout will make BTCUSD rally above the $6,000 price level. Currently, the price is ranging between the levels of $4,900 and $5,200 for a possible price breakout.
On April 4, Bitcoin price was in a bullish trend. BTC price traded above the $4,900 price level as later met resistance at the $5,200 price level. On Tuesday, April 2, the price of Bitcoin closed at $4,922 after the price surged. The next day, BTC bulls climbed to a high of $5,335, however, it closed at the price level of $4,978 as they couldn’t break and close above the $5,200 mark.
In the meantime, BTCUSD price is now ranging between the levels of $4,900 and $5,200 for a possible price breakout. The price is now above the Exponential Moving Averages (EMAs), an indication that Bitcoin price is likely to rise.
However, if the price of Bitcoin continues its range-bound movement, it is likely to encounter another price breakout which will make the price jump above the $6,000 mark. In the meantime, the stochastic indicator is at the overbought region while below the 80% range, an indication that the BTCUSD is in a bearish momentum and a sell signal.
As the 4-hour chart shows, Bitcoin price is bullish. The BTCUSD pair is trending above the 12-day EMA as well as the 26-day EMA to indicate that the price is in the bullish trend zone. On Wednesday, April 3, BTC bulls tested the $5,200 price level, nevertheless, they were resisted and the price dropped to the support at the 12-day EMA and later commenced its bullish trend.
On the upside, if BTC bulls are able to break the resistance level of $5,200, Bitcoin price level will reach the previous high of $5,500. On the downside, if the bulls are unable to break the said level, the price level is likely to decline. In the meantime, the stochastic indicator is at the oversold region while above the 20% range, an indication that Bitcoin is in a bullish momentum and a buy signal.
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.
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