Bitcoin (BTC) Price Analysis – April 22
Since the last high at $5466, Bitcoin is yet to throw another significant price level. The bulls may encounter a solid supply at the above price level. BTC price still appeared heading up; a possible break could look for resistance at $5600. Getting rejected may drop the price to potential support of $5000. The next few days of trading would determine the next price level.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $5600, $6000
Support levels: $5000, $4750
Still facing a tough level at $5500, Bitcoin is about to see a “golden cross” which is likely to occur in future trading. If this eventually happens, BTC may hit $6000; the golden cross (is when the 50-day moving average trend above the 200-day-moving average) is around the corner.
Since the recent price increase, the leading currency followed a bullish flag pattern; trading in channel boundaries. In the last five days of trading, Bitcoin appeared squeeze with an involatile market; signaling a possible price surge.
Below the channel lies $5000 – $4500 support area. Above the channel lies $5600 – $6000 resistance area. The daily RSI currently lies at the horizon of the 70 line. Whatever direction it chooses would determine the next level for BTC.
BTC/USD Medium -term Trend: Bullish (4H Chart)
After witnessing a price increase earlier this month, Bitcoin had been waving in a rising channel. While maintaining a bullish sentiment, price action appeared choppy with a subdued market which suggests that the trade volatility is becoming low.
And ever since price rose to $5466 (Bitstamp), the bulls have found it difficult to surpass this mentioned level.
Since the price of BTC falls from the overbought territory of the RSI, the 40 and 70 levels have been a strong support and resistance levels. Now, if price crossover the 70 line, BTC/USD may print a new high around $5600. A break through the 40 level could plunge price to $5000.
Please note: Cryptovibes.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.