Exclusive Bitcoin (BTC) Struggles to Create Higher Low Following Massive Dip

Share Article
In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

The Bitcoin (BTC) price has decreased considerably since April 18.



BTC has bounced back some since and is currently attempting to create a short-term higher low. Doing so could potentially initiate an upward movement towards the short-term descending resistance line.

BTC Bounces At Support

BTC has been moving downwards since April 14. The drop accelerated on April 18, causing a fall to a low of $50,931.



However, this created a very long lower wick, validating the $51,000 area as support.

Technical indicators have turned bearish. The MACD has crossed into negative territory, the RSI has crossed below 50, and the Stochastic oscillator has just made a bearish cross.  

Nevertheless, it’s bounced significantly since the lows and is attempting to create a higher low.

The trend can be considered bullish as long as the price is trading above the $51,000 support area.

BTC Chart By TradingView

Short-Term BTC Movement

The two-hour chart shows that BTC is following a descending resistance line. 

It has been doing so since the aforementioned all-time high price on April 14.  So far, it’s made three unsuccessful breakout attempts. 

A closer look shows that BTC is also attempting to find support and create a higher low.

Technical indicators support the creation of a higher low. The MACD has given a bullish reversal signal and the RSI is increasing. However, it has not yet crossed above 50. 

While BTC has bounced at the 0.5 Fib retracement level, it hasn’t been strong.

The next support area is created by the 0.618 Fib retracement level, found at $53,416. 

A breakout from the descending resistance line is required for the trend to be considered bullish. This would also likely cause the MACD and RSI to move above 0 and 50 respectively.

BTC Chart By TradingView


Bitcoin is likely to create a higher low at one of the Fib support levels outlined above. 

Afterwards, an upward movement towards the descending resistance line is expected. 

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

Follow Author

$200 reward waiting for you — Deposit, Trade, Follow and Claim today!


Limited offer! Learn to mine and trade crypto today for free