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Is A Bear Market About To Take Over Bitcoin? (BTC/USD & BTC/EUR Price Prediction for 04/19/19)

4 mins
Updated by Alexander Fred
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At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our April 17 analysis of Bitcoin (BTC), we predicted that the price would decrease. Our prediction is yet to be validated or invalidated. Bitcoin is still trading inside the confines of the ascending channel we defined. In this analysis, we take a look at Bitcoin’s price to predict possible fluctuations in BTC/USD($) and BTC/EUR(€).

On Apr 10, the price of BTC reached a high of $5488 and €4868. A sharp decrease ensued. Bitcoin reached a low of $4934 and €4374 two days later. Bitcoin has since been on an uptrend with highs near $5340 and €4754 reached at the time of writing on Apr 19:
Bitcoin Market Outlook
BTC/USD and BTC/EUR Prices: Apr 10 – Apr 19
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 19, 2019

  • The price of BTC reached a high on Apr 10.
  • It has been trading inside an ascending channel since Apr 11.
  • Bitcoin is trading very close to the resistance line of the channel.
  • Bearish divergence is developing in the RSI and the MACD.
  • There is resistance near $5330/€4740 and support near $5000/€4400.

A Look at the Current Trading Pattern

The price of BTC/USD is analyzed at two-hour intervals from Apr 10 to Apr 19 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 high of $5088.11. A gradual decrease was followed by a gradual increase. The price has made several higher highs during this period. Tracing these highs gives us an ascending resistance line: Bitcoin Resistance Line On Apr 12, Bitcoin made a low of $4912. Several market cycles have been completed. The price has made successively higher lows. Tracing these lows gives us an ascending support line. The resistance and support lines combine to create an ascending channel: Bitcoin 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 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 incorporate technical indicators into the analysis. We begin with the relative strength index and the moving average convergence divergence.
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.
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move.
Combining RSI and MACD bullish/bearish divergence with support/resistance essentially predicts price fluctuations. They are shown alongside Bitcoin’s current trading pattern below:
Bitcoin Bearish Divergence
On Apr 16, Bitcoin reached a high of $5256.5. It continued to increase and reached a high of $5340.0 on Apr 19. Similarly, the RSI and the MACD made the first high on Apr 16. However, they have proceeded to generate lower values. This is known as bearish divergence and often precedes price decreases. Using these indicators, it is likely that the price will drop to the support line of the channel.

Reversal Areas

We now incorporate support and resistance areas to determine the actual possible future price levels. In this section, we analyze both BTC/USD and BTC/EUR trading pairs.
Support and 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.
These areas are traced in the graph below:
Bitcoin Reversal
BTC/EUR Support & Resistance
Bitcoin USD Reversal
BTC/USD Support & Resistance
The closest support area is found near $5000 and €4400. If the price breaks down from the channel, it is likely to reach this area. The closest resistance area is found near $5330 and €4740. The price recently reached this area and was rejected. We do not believe the price will move above this area.

Conclusion and Summary

Based on this analysis, the price of BTC is likely to drop to the support line of the channel. This means that prices may fall to $5150 and €4525. We cannot yet confidently predict whether a breakdown below the channel is likely to occur. Interested in 2019, 2020, and 5 year Bitcoin price predictions? Click on the green button below:

LONG-TERM PRICE PREDICTIONS!

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.
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Disclaimer

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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
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)
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