Bitcoin (BTC) Price Analysis – April 26
Despite the bearish surge, Bitcoin still appeared bullish. But if the selling pressure eventually breaks the major 200-day moving average (yellow line), we may see price at $4800 and below for a medium-term bearish correction. On the long-term trend, Bitcoin is likely to visit April 2 break level at $4250. Nevertheless, the bulls are still intact.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $5600, $6000
Support levels: $4800, $4400
Following the important 200-day moving average (yellow line); Bitcoin remained bullish on a long-term outlook. After recording monthly high at $5600, Bitcoin short opening has plunged price to the low of $5000; losing 4.5% in the last 24-hours. The $4800 may be the next target for BTC.
The short position is revealed on the daily RSI as the trend aims at the 50 level. If this level is crossed down, the bear could gain control of the market. However, the RSI still trends in the positive area. Contrastingly, the daily Stochastic RSI is revealed upward, but now pointing low.
A break below the yellow line could send price to the bearish territory. For now, the bullish move is still valid for BTC market.
BTC/USD Medium -term Trend: Bullish (4H Chart)
Bitcoin market had been appearing choppy for the past three weeks even though it trends high. But today, BTC volatility has decreased due to a bearish surge which is revealed on the current chart. Meanwhile, the bulls are still holding tightly with the defense of the 200-day moving average (yellow line).
The sellers target $4800 support, which could be visited in the next few hours of trading. From there, a possible rejection may bounce up BTC to retest the $5600 resistance and above. If a rejection fails, a possible break could significantly slump price to $4600 and $4400 supports.
The 4-hours RSI is currently bearish; following the trend. While the 4-hours Stochastic RSI lies at the lowest level, the buyers may be looking for a clear entry signal. however, it’s important to wait for the next possible move.
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