- The break above the EMA at $4,595.78 meant that Bitcoin had entered into a bullish phase.
- BTC/USD has bullish bias according to the technical outlook using the daily timeframe.
Bitcoin zoomed above critical resistance levels throughout the month of April to record double-digit gains at the end of the month, in turn, solidifying the bullish break witnessed four weeks back. Bitcoin closed Tuesday at $5,257.64 (according to Coinbase) compared to April 1 opening price of $4,092. The 22% rise in a single month is the largest Bitcoin has achieved since the beginning of 2019.
More importantly, Bitcoin closed the month trading above the 200 Exponential Moving Average (EMA) which currently is holding ground at $4,434.34. The EMA200 had stayed above the price since August 2018. The break above the EMA at $4,595.78 meant that Bitcoin had entered into a bullish phase which later confirmed the trend with BTC/USD trading above $5,000 and even clocking new 2019 highs at $5,649.01.
Bitcoin BTC/USD daily chart outlook
BTC/USD has bullish bias according to the technical outlook using the daily timeframe. The price has continued to trend upwards within a rising channel in spite of the on and off dips experienced along April. Moreover, $5,000 is establishing itself as key support for the largest digital asset which is currently trading at $5,284. In addition to that, the 200 Simple Moving Average (SMA) is below the price while offering support at $4,432.08.
The relative strength index (RSI) daily range has broken below the trendline that has existed since December 2018. This means that the bears are gaining traction against the bulls. However, the indicator is making headway and almost hitting 60.00 to show that the bulls are still in control. A correction above the trendline could mark the beginning of a new uptrend or the continuation of April’s incredible trend.
Bitcoin Key Technical Indicators
SMA 100: $4,432.08.
Trend: Bullish bias
Main support levels: $5,000, $4,000 and $3,152.55
Major resistance zones: $5,300, $5,649.01 and $6,000.
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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