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Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018

bitcoin-btc-price-analysis-turns-a-new-bullish-leaf-since-2018
  • A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory.
  • BTC/USD dips are well supported above $5,200 in the short-term.

Several experts in the cryptocurrency market including Tom Lee, Tim Draper and Forbes contributor Chambers have come out to say that Bitcoin has finally bottomed. This follows a trend reversal from the lows in 2018 roughly at $3,143. A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory. There was struggled at $4,000 but Bitcoin finally made above the former resistance at $4,200. A breakout from this level zoomed past the 200-day moving average exponential (EMA).

SourcE: TradingView

Further correction extended the gains past $5,000. Similarly, BTC/USD formed a monthly high on Coinbase at $5,502.19 before revisiting the region slightly below $5,000. This week support has been formed around $4,900 giving way to a retracement above $5,200. Meanwhile, Bitcoin is still trading in the green at $5,240.54 amid a building momentum likely to touch $5,300 in the coming sessions on Thursday. Any movement above this level will catapult BTC/USD towards $5,400 while the bulls still eye the highs around $5,500.

Bitcoin Price Analysis
Source: TradingView

The hourly chart, on the other hand, shows Bitcoin above the 100 simple moving average (SMA). The sideways trading means that there is indecision on the market. Short-Term support at $5,200 will work to stop declines could test $5,000 (key support area). Still, in the same 1-hour range, the RSI is trending upwards at 55.2139. The correction in the direction comes after the indicator failed to break into the overbought resulting in a slide. The MACD is sitting well inside the positive region while ranging to confirm the prevailing sideways trend.

Prediction: BTC/USD dips are well supported above $5,200 in the short-term. Sideways trading to prevail in coming sessions as consolidation continues around $5,250. Further retracement to find support in a positive zone we explored yesterday at $5,120 – $5,160.

Bitcoin Price Key Technical Indicators:

200-day EMA: 4,733.57

MACD daily chart: +308.07

RSI daily chart: 70.4548 (holds on to the overbought region).

Initial support zone: $5,120 – $5,160

Support 2: 100 SMA 1-hour

Support 3: $5,000

Resistance 1: $5,300

Resistance: $5,400

Resistance 3: $5,500

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