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Bitcoin Trading: Steady Bitcoin Pumps a Slight Recovery in Top 20 Altcoins

Posted In: Forex Trading   Posted On: 2019/05/01 10:44 AM    Posted By: ituglobal




Bitcoin (BTC) Price Analysis – April 30

 

The recent steady movement in Bitcoin price was as a result of low volatility in the course of the last five days of trading which had tightened trading between the range of $5100 and $5300. However, a surge in volatility is expected to determine the next ultimate direction of the giant crypto.

 

 

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:
Resistance levels: $5600, $6000
Support levels: $4800, $4500

 

From the long-term perspective, we had seen how Bitcoin managed to crawl above the green trend-line before the notable spike in early April which has floated price above the $5000 level. After the sudden price increase, BTC has flagged up with steady movement in the channel.

 

Last Thursday, Bitcoin dropped to $5000 from the $5600 high level. Since then, the market has been trading below $5400 till this moment with choppy price action. While indecisive, we may experience another surge in volatility which could take Bitcoin to the next phase.

 

The RSI is currently indecisive. A downward direction may lead to a bearish breakout. Below the channel lies a tight range between $4800 and $4500. The 4-hours Stochastic RSI suggested BTC to be bearish.

 

 

BTC/USD Medium -term Trend: Bullish (4H Chart)

 

After the April 2 sudden price surge, Bitcoin has remained in the ascending channel. Though, nothing much has changed since the leading cryptocurrency poised $5600, the current resistance. For the past five days now, Bitcoin’s volatility has been relatively low. As a result of this, the market appeared indecisive with choppy price action.

 

Sitting on the lower trend line, below the channel lies $4900 and $4700 support. On the upside, the market may retest $5500 and $5600 resistance levels, where the upper trend line lies. Above this channel, Bitcoin could create a new high around $5800 and $6000 levels.

 

The 4-hours RSI is rising above the 40 level. A further incline may project BTC price at $5500. Significantly, the 4-hours Stochastic RSI lies close to the overbought territory.

 

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

 

How to trade Bitcoin successfully:  https://insidebitcoins.com/trading/bitcoin    

 

Best cryptos exchanges:  https://insidebitcoins.com/cryptocurrency-exchanges




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