Floor Starting To Shake As Bitcoin Retests $5000 Key Level – BTC Price Analysis April 16

Since our recent BTC analysis, Bitcoin has been hovering on top the $5000 significant support zone, with no success of breaching the next key resistance of $5200.

Yesterday was Monday. By looking at the daily chart, we can see that Mondays usually tend to bring high volatility, because most traders are getting back from their weekend.

This time we saw a sharp move down, breaking the $5000 but surprisingly quickly correcting up (after touching $4940 on Bitstamp). What can be learned is that the situation is still very fragile. But after all, we still see the bulls quite strong on top the $5000 support. The glide below $5000 was quickly filled up with demand. The $5000 war is still going as of writing these lines.

Total Market Cap: $172.9 Billion

Bitcoin Market Cap: $90 Billion

BTC Dominance: 52.1%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
The critical level here is the $5000 support area, which so far holds up nicely. Bitcoin completes ten days of holding up above the $5000 mark. However, the situation might change any time: In case of breaking down, further support is located at ~$4930 (the 4-hour MA-100 marked in white), before reaching the $4800 zone.
Below lie the $4700 and the 200-days moving average line (1-day chart) which is currently around $4500. Looking at the bigger picture, as long as Bitcoin maintains the $4200 area, the chances that we have seen the bottom of the current bear market are very high.

From above, the nearest major resistance lies at $5200. Further resistance area level lies at $5200, before reaching the $5300 – $5350 area. The next significant resistance lies at the past week’s high around $5500 before getting to the 2018 legendary support turned resistance line at $5700.

– Daily chart’s RSI: Stochastic RSI oscillator of both the daily and the 4-hour’s chart is at the oversold area and about to make a cross over above, which might lead to a positive movement. Will the buyers return soon?

– The daily trading volume: The trading volume of yesterday was not significant, this can be said in favor of the bulls.

– BitFinex open short positions: the open short positions, are steady for almost a week around 18.7K BTC of open positions.

BTC/USD BitStamp 4-Hour Chart


BTC/USD BitStamp 1-Day Chart


The post Floor Starting To Shake As Bitcoin Retests $5000 Key Level – BTC Price Analysis April 16 appeared first on CryptoPotato.

Leave a Reply

scroll to top