Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018

Bitcoin price analysis
Source: TradingView

Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018

  • A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory.
  • BTC/USD dips are well supported above $5,200 in the short-term.

Several experts in the cryptocurrency market including Tom Lee, Tim Draper and Forbes contributor Chambers have come out to say that Bitcoin has finally bottomed. This follows a trend reversal from the lows in 2018 roughly at $3,143. A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory. There was struggled at $4,000 but Bitcoin finally made above the former resistance at $4,200. A breakout from this level zoomed past the 200-day moving average exponential (EMA).

Bitcoin price analysis
SourcE: TradingView

Further correction extended the gains past $5,000. Similarly, BTC/USD formed a monthly high on Coinbase at $5,502.19 before revisiting the region slightly below $5,000. This week support has been formed around $4,900 giving way to a retracement above $5,200. Meanwhile, Bitcoin is still trading in the green at $5,240.54 amid a building momentum likely to touch $5,300 in the coming sessions on Thursday. Any movement above this level will catapult BTC/USD towards $5,400 while the bulls still eye the highs around $5,500.

Bitcoin Price Analysis
Source: TradingView

The hourly chart, on the other hand, shows Bitcoin above the 100 simple moving average (SMA). The sideways trading means that there is indecision on the market. Short-Term support at $5,200 will work to stop declines could test $5,000 (key support area). Still, in the same 1-hour range, the RSI is trending upwards at 55.2139. The correction in the direction comes after the indicator failed to break into the overbought resulting in a slide. The MACD is sitting well inside the positive region while ranging to confirm the prevailing sideways trend.

Prediction: BTC/USD dips are well supported above $5,200 in the short-term. Sideways trading to prevail in coming sessions as consolidation continues around $5,250. Further retracement to find support in a positive zone we explored yesterday at $5,120 – $5,160.

Bitcoin Price Key Technical Indicators:

200-day EMA: 4,733.57

MACD daily chart: +308.07

RSI daily chart: 70.4548 (holds on to the overbought region).

Initial support zone: $5,120 – $5,160

Support 2: 100 SMA 1-hour

Support 3: $5,000

Resistance 1: $5,300

Resistance: $5,400

Resistance 3: $5,500

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Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018
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Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018
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A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory. BTC/USD dips are well supported above $5,200 in the short-term.
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John Isige 62 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.