Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In

By John Isige
Published April 6, 2019 Updated April 6, 2019
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Bitcoin Price Analysis
Source: TradingView

Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In

By John Isige
Published April 6, 2019 Updated April 6, 2019
  • Bitcoin sustains an uptrend above $5,000 despite the retracement from the weekly high at $5,350.
  • BTC/USD must correct above the median of Andrew’s Pitch for further movement above $5,200.

BTC/USD is seen trading above the trendline after the buyers reclaimed the support above $5,000. Both the 50 SMA and the 100 SMA 4-hour are still playing catch up following the surge on Tuesday and Wednesday this week. The break above $5,200 ignited further correction to the 201 high around $5,350.11 (on Coinbase).

According to the 4-hour chart, the price is trending sideways at $5,019 slightly below the median level of Andrew’s Pitchfork. Following the retracement from the weekly highs, BTC/USD has lost momentum to correct above the medium of the indicator.

bitcoin Price Analysis
Chart Source: TradingView

BTC/USD short-term bullish bias

The RSI 4-hour is currently ranging at 64. He indicator retread from the overbought levels around 90.00. The trend shows that the surge has fizzled out and we can expect ETH/USD to trade sideways above the key level at $5,000.

The Simple Moving Average gap between the 50 SMA and the 100 SMA 4-hour, however, shows that the bulls are in control. The 50 SMA above the longer-term 100 SMA means that the bulls continue to gain traction in spite of the retracement.

Also Read: Ethereum [ETH] Price Analysis: ETH/USD Waiting for Bitcoin’s Breakout Above $5,200

The MACD gives a much clearer picture of the trend. The indicator recently stepped the 200 level and formed a high at 257. At press time there has been a correction below 200 and the MACD signal is trending lower at $135.21.

Both the RSI and the MACD shoe that the potential to keep the price above $5,000. However, correction towards $5,200 (breakout point) will be an uphill task.

Key Technical Levels:

RSI 4-hour: 64.00

MACD: +135.21

50 SMA 4-hour: $4,532.78

100 SMA 4-hour: $4,245.60

Support 1: $5,000

Support 2: 4,800

Main support: $4,200

Resistance 1: $5,067.85

Resistance 2: $5,200

Resistance 3: $5,350


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 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 the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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