Bitcoin (BTC) Price Analysis – April 20
For the past two weeks, Bitcoin has attempted to breach $5500 level which was last rejected around $5455. If price successfully surpasses the mentioned level, the next bull-run would meet $5600 – $6000 resistance levels. A strong rejection, however, may plunge BTC to $5000 – $4800 supports.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $5600, $6000
Support levels: $4800, $4400
Looking at the daily chart, Bitcoin is projected in an ascending broadening wedge as price currently targets at $5600 resistance level. The bulls have been gaining control of the market since February. Though, $5500 has been a crucial price level for the bulls to surpass in the past few days of trading.
Meanwhile, the daily RSI was revealed at the overbought condition; now aligned with the 70 line. In case the trend significantly crosses down the 70 line, Bitcoin may plunge to potential support at $4800 and perhaps $4400.
Otherwise, the green momentum could hit $5600 resistance as buying pressure compounds on the daily Stochastic RSI. However, future trading will reveal the next phase of momentum.
BTC/USD Medium -term Trend: Bullish (4H Chart)
After the pre-spike earlier this month, Bitcoin carved a bullish flag pattern on the medium-term graph. Since then, the price action appeared choppy with low trading volatility. Currently, a slow incline is reaching a tough resistance area at $5500. The 4-hours RSI is revealed at the touch of the 70 line. A crossover could hit the mentioned price level.
As shown on the 4-hours Stochastic RSI, BTCUSD market has reached the overbought zone. This signals a weak buying momentum. The market is likely to experience a fall. The potential support level to watch out for is $5000.
Respecting the rising channel, a bullish spike could meet close resistance at $5600 and beyond. $4800 and $4600 may provide support for a bearish spike. As it appeared, there’s a high probability for a drop.
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