At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our April 19 analysis of Bitcoin (BTC), we predicted that the price would decrease. Our prediction was invalidated on Apr 21, when the price made a surpirse break out from the trading pattern we defined. To learn more, read our latest BTC/USD($) and BTC/EUR(€) analysis below:
On Apr 2, the price of BTC began a rapid upward move, which took it to a high of $5106 and €4745. Since then, it has been gradually increasing, reaching highs of $5647 and €5018 on Apr 23.
BTC/USD & BTC/EUR Prices: Apr 1 – Apr 23
Are prices going to continue along this uptrend trend or will Bitcoin drop again?
Let’s find out:
Bitcoin (BTC): Trends and Highlights For April 23, 2019
The price of BTC began a rapid upward move on Apr 2.
It has been trading inside an ascending channel since Apr 4.
Bitcoin is trading very close to the resistance line of the channel.
There is resistance near $5650/€5000 and $6250/€5350.
A Look at the Current Trading Pattern
The price of BTC/USD is analyzed at two-hour intervals from Apr 2 to Apr 22 to determine Bitcoin’s current trading pattern. We do not include euros in this section because only one trading pair is needed to generate the current trading pattern. Both BTC/USD and BTC/EUR are discussed in the final two sections.
On Apr 11, the price made an hourly low of $4723.10. A gradual increase was followed by a gradual decrease. The price has made several higher lows during this period.
Tracing these lows gives us an ascending support line:
On Apr 3, Bitcoin made a high of $5335.50. Several market cycles have been completed. The price has made successively higher highs in the process.
Tracing these lows gives us an ascending resistance line. The resistance and support lines combine to create an ascending channel:
It is likely that the price will increase at the rate predicted by the channel until a decisive move occurs.
In order to predict the direction of the movement, a look at technical indicators and a longer time-frame is required.
To read about our full April price predictions, click on the green button below:
APRIL BITCOIN PREDICTIONS!
Technical Indicators
To better assess future price fluctuations, we analyze the price of BTC from Nov 2018 to Apr 2019 algonside the RSI and resistance areas.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Resistance areas are created when the price revisits the same level several times. They can be used to find likely areas of reversal if a breakdown occurs.
Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. They are shown alongside Bitcoin’s current trading pattern below:
On Apr 2, the price made a high of $5106. It continued to increase and on Apr 23 it made a high of $5647.40.
Similarly, the RS made the first high on Apr 2. However, it has proceeded to generate lower values. This is known as bearish divergence and often precedes price decreases.
It is worth mentioning that this divergence is not present in shorter time-frames. Furthermore, the price is trading inside the resistance area near $5650.
Using these indicators, it is unlikely that the price will break out above the resistance area. However, increases at the rate predicted by the channel may be expected in the more immediate future.
Reversal Areas
To better determine price levels in the event of a breakout, we’ve traced a second resistance area for BTC/USD and BTC/EUR below:
BTC/USD ReversalBTC/EUR Reversal
This second resistance is near $6250 and €5350. We do not believe this to be likely in the short-term.
Conclusion and Summary
Bitcoin is currently trading within an upward facing channel. It is likely that price will increase within this pattern. A breakout may occur in the less immediate future with prices moving past the first support area.
If a breakout occurs within the next week, we may see highs of over $6000 and €5300 before the end of April.
Interested in 2019, 2020, and 5 year Bitcoin price predictions? Click on the green button below:
Do you think BTC will keep trading inside the channel? Let us know your thoughts in the comments below!Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
On Apr 3, Bitcoin made a high of $5335.50. Several market cycles have been completed. The price has made successively higher highs in the process.
Tracing these lows gives us an ascending resistance line. The resistance and support lines combine to create an ascending channel:
It is likely that the price will increase at the rate predicted by the channel until a decisive move occurs.
In order to predict the direction of the movement, a look at technical indicators and a longer time-frame is required.
