Since the start of April, Bitcoin exploded and the entire crypto market followed in its wake. After reaching the $5,000 levels, the largest crypto now seems to be consolidating the gains. Analysts and experts are in disagreement with some saying that it will plunge before rising while others stating that the current uptrend will continue.
At the moment, the markets are hovering within a tight range with most of the major tokens losing up to 5%. The total crypto market capitalization oscillates around $170 billion for now. Here is a technical bitcoin analysis of how the market looks like for the token in the short term.
Noteworthy Price Levels
The largest crypto extended the recent depreciation as traders drove the BTC/USD pair to the 4901.99 level during today’s Asian session. That represented the pair’s weakest showing since April 5. The day’s intraday low was recorded around the 4911.81 zone. That represented the 23.6% retracement of the move between 5345.00 and 4778.00.
Some intraday support emerged on April 11 when the bears roared challenging the 4969.45 price level. It represented the 50% retracement of the 6810.00 – 3128.89 key technical range for Bitcoin. The 50-bar MA (4-hourly) also challenged the technical resistance in yesterday’s European and North American sessions. That move suppressed the pair below the 5096.36 level.
The analysts and market experts now see additional technical support forming around the 4738.23 level. That area represents the 23.6%retracement of Bitcoin’s move from 9948.12 to 3128.89. The current price activity is nearest the 50-bar MA (4-hourly chart) at around 5103.36 and the 200-bar MA (Hourly) pegged at 5107.02. BTC is currently hovering around the $5,030 zone.
The significant technical supports appear around the $4,877.05, $4,582.91, and $4,393.64 zones. Stops are expected below each of these zones. On the upside, technical resistance is expected around $5264.14, $5403.82, $5769.98 with Stops expected above each of these zones.
Looking at the 4-hourly chart, the SlowK indicator bullishly moved above SlowD while MACD currently remains bearish below the MACD Average. On the Hourly chart, SlowK is bullish above SlowD while MACD is oscillating bullishly above the MACD Average.