Author Topic: Bitcoin Trading: Steady Bitcoin Pumps a Slight Recovery in Top 20 Altcoins  (Read 796 times)

Offline BitcoinExchangeGuide

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Bitcoin (BTC) Price Analysis ? April 30

The recent steady movement in Bitcoin price was as a result of low volatility in the course of the last five days of trading which had tightened trading between the range of $5100 and $5300.  However, a surge in volatility is expected to determine the next ultimate direction of the giant crypto.

BTC/USD Long-term Trend: Bullish (1D chart)
Key Levels:
Resistance levels: $5600, $6000
Support levels: $4800, $4500

From the long-term perspective, we had seen how Bitcoin managed to crawl above the green trend-line before the notable spike in early April which has floated price above the $5000 level.  After the sudden price increase, BTC has flagged up with steady movement in the channel.

Last Thursday, Bitcoin dropped to $5000 from the $5600 high level.  Since then, the market has been trading below $5400 till this moment with choppy price action.  While indecisive, we may experience another surge in volatility which could take Bitcoin to the next phase.

The RSI is currently indecisive.  A downward direction may lead to a bearish breakout.  Below the channel lies a tight range between $4800 and $4500.  The 4-hours Stochastic RSI suggested BTC to be bearish.

BTC/USD Medium -term Trend: Bullish (4H Chart)

After the April 2 sudden price surge, Bitcoin has remained in the ascending channel.  Though, nothing much has changed since the leading cryptocurrency poised $5600, the current resistance.  For the past five days now, Bitcoin?s volatility has been relatively low.  As a result of this, the market appeared indecisive with choppy price action.

Sitting on the lower trend line, below the channel lies $4900 and $4700 support.  On the upside, the market may retest $5500 and $5600 resistance levels, where the upper trend line lies.  Above this channel, Bitcoin could create a new high around $5800 and $6000 levels.

The 4-hours RSI is rising above the 40 level.  A further incline may project BTC price at $5500.  Significantly, the 4-hours Stochastic RSI lies close to the overbought territory.

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Offline Ashwin Kumar

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Re: Bitcoin Trading: Steady Bitcoin Pumps a Slight Recovery in Top 20 Altcoins
« Reply #1 on: December 22, 2019, 07:43:11 PM »
We should be very careful with how we approach things when it comes to Crypto.  I love doing Crypto Trading, which I do through FreshForex broker having over 130 instruments to pick from.  And their low spreads, fast execution of trades and much more is what makes me feel so happy and comfortable.
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Re: Bitcoin Trading: Steady Bitcoin Pumps a Slight Recovery in Top 20 Altcoins
« Reply #1 on: December 22, 2019, 07:43:11 PM »