At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our April 23 analysis of Bitcoin (BTC), we predicted slight increases. After our prediction was validated, Bitcoin began a sharp decline. 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 $5690 and €5069 on Apr 24.
BTC/USD & BTC/EUR Prices: Apr 6 – 25
A sharp decrease took it to levels close to $5400 and €4900. Bitcoin is continuing to trade around this level.
Will prices rise even further or continue dropping?
Let’s find out:
Bitcoin (BTC): Trends and Highlights For April 25, 2019
Both BTC/USD and BTC/EUR began a rapid upward move on Apr 2.
Bitcoin been trading inside an ascending channel since Apr 4.
Currently, it 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 25 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 highs 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 Apr 20 to 25 alongside the RSI and the MACD.
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 bullish/bearish divergence with support/resistance essentially predicts price fluctuations. They are shown alongside Bitcoin’s current trading pattern below:
On Apr 23, the price made a high of $5647.4. It continued to increase and on Apr 24 it made a high of $5690.
Similarly, the RSI and the MACD made the first high on Apr 23. 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 decrease towards the support line of the channel.
Reversal Areas
To better determine reversal levels in the event that the price does not drop all the way to the support line, we incorporate support area into this part of the analysis.
Support areas are formed when the price reaches a certain level several times. They can act as a ceiling/floor that prevents the price from moving further in that direction.
One support area is traced a support area for BTC/USD and BTC/EUR below:
BTC/USD
BTC/EUR
This support area is near $5300 and €4700. We believe the price will soon reach this area.
Conclusion and Summary
Bitcoin is currently trading within an upward facing channel. While this suggests long-term price gains, Bitcoin is also trading near the resistance line of the trading pattern. This suggests that short-term losses could lead to prices around $5300/€4700.
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 highs 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.
On Apr 23, the price made a high of $5647.4. It continued to increase and on Apr 24 it made a high of $5690.
