Bitcoin Price Analysis: BTC Drops From .5 Fib Retracement Resistance But Remains In Consolidation – Where Will We Rebound?

01 Apr, 2020

By Yaz Sheikh

Contributor

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd-arp1 — BTC/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see Bitcoin meeting resistance at the bearish .5 Fibonacci Retracement level yesterday priced at $6,542. This Fib Retracement is measured from the March high to the March low.

We can also see Bitcoin clearly trading within the ascending triangle as it struggled to break above resistance at $6,800.

Short term prediction: NEUTRAL

As Bitcoin trades within the triangle, we can consider the market to be neutral. If it breaks beneath the triangle then it would be bearish.

Toward the downside, the first level of support lies at $6,100 which is provided by a short term .382 Fib Retracement. This is then followed with support at the lower boundary of the triangle and at $6,000.

Beneath $6,000, support lies at $5,785 (.5 Fib Retracement), $5,467 (.618 Fib Retracement), and $5,200.

On the other side, resistance lies at $6,542, $6,800, $7,000, and $7,174.

Key Levels

Support: $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $6,542, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.