Bitcoin (BTC) Price Analysis – April 3
Experiencing a huge volume size in the last 24-hours of trading; Bitcoin market is now trading at around $5000 price level with 20% gain. BTC is likely to retrace near the breakpoint before a bounce up. However, the 200- days moving average acts as a strong defensive line for the bulls.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $5600, $600, $6400
Support levels: $4600, $4400, $4200
Finally, the much-anticipated bull-run has started for the Bitcoin market as price surge to $5000 in just 24-hours of trading; surpassing the $4200 tough area. Now, BTC trends significantly above the long-term 200-days moving average (orange line). Before following a bullish sentiment, the market has been slowly respecting the green trend line after crossing up the red trend line in mid-February.
The daily Stochastic RSI has reached the overbought area as a slight retracement might be encountered at any moment from now. A pull is likely to make a bottom at $4600 support level, where the orange line rests. Dropping below the above support could send the price to $4400 and 4200 supports levels, testing the break level. However, a bullish rally is expected at a major resistance of $5600 and above.
BTC/USD Medium -term Trend: Bullish (4H Chart)
Before yesterday’s break-out at $4200, Bitcoin appeared choppy and was gradually moving in an upward direction as 200-days moving average (orange line) acting as strong support. Retesting $5085 level today, BTC may likely drop to a support level if the price fails to breach the mentioned price level. As revealed on the 4-hours Stochastic RSI, a potential short move might send the price to $4700, 4450 and 4200 support levels.
Surpassing $5089 could result in another bull run which is likely to create a new high at $5200. Nevertheless, BTCUSD is currently indecisive as the next move is yet unknown. However, the bulls are in control of the market; holding up the value of the coin. As it stands now, the orange line remains a defensive line for the buyers.
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