Bitcoin Price Analysis April.11: False Breakout Led BTC $400 Down. Could It Stay Bullish?

Following yesterday’s analysis, a lot of price action took place in Bitcoin over the past 24 hours.

We’ve talked about the ascending triangle developing on the 4-hour chart. Hours after our analysis, and the triangle was breached to the bullish side. However, after reaching nearly $5500 resistance level, Bitcoin quickly turned down bearish again, dropping $400 down to $5116 on BitMEX.

In the end, and as of now, the breakout had turned out to be a false one: Bitcoin is back inside the triangle’s boundaries. However, as of writing this, the coin is fighting to stay on top of the ascending trend-line support level.

What could be said – This is crypto – unexpected and the whales control the markets after all. It did look very bullish, but now, breaking down the ascending line could easily initiate a deeper correction to the bearish side. Another red mark is coming from the Stochastic RSI oscillator (which is explained below).

Total Market Cap: $176.2 Billion

Bitcoin Market Cap: $91.6 Billion

BTC Dominance: 51.9%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
As mentioned above, breaking down the ascending trend-line might drive Bitcoin to visit old resistance turned support levels: the next significant support levels lie at $5000 and $4800. Below are the $4700 and the 200-days moving average line (1-day chart) which is now around $4550.

From above, $5200 has turned into resistance again, while the next resistance lies at the area of $5300 – $5350. Further above is yesterday’s high at $5500 before reaching the 2018 legendary support turned resistance line at $5700.

– Daily chart’s RSI: The Stochastic RSI oscillator had recently crossed over at the bullish territory and now pointing down. This might lead to a deeper correction.

– The daily trading volume: Looking at the last week’s volume level, we can see that the buyers are the majority of the volume. This is a bullish long-term sign. It will be interesting to see how today volume candle will close.

– BitFinex open short positions: Since yesterday, there was not a significant change in the open short positions, which rose to 18.8K BTC of open positions.

BTC/USD BitStamp 4-Hour Chart


BTC/USD BitStamp 1-Day Chart


The post Bitcoin Price Analysis April.11: False Breakout Led BTC $400 Down. Could It Stay Bullish? appeared first on CryptoPotato.

No comments:

Post a Comment

Important notice: Almost all online business are temporary only & it may be become scam at any point of the time, Hence, I/we request those who want to invest their hard earned money in that.. Please verify yourself before you invest & you are the only responsible for your own money..the website owner ( are not responsible for any lose, profit or scam. Admin *** महत्वपूर्ण सूचना: लगभग सभी ऑनलाइन व्यवसाय अस्थायी हैं और यह समय के किसी भी समय घोटाला हो सकता है, इसलिए / मैं उन लोगों से अनुरोध करता हूं जो अपनी कड़ी मेहनत के पैसे का निवेश करना चाहते हैं .. कृपया निवेश करने से पहले अपने आप को सत्यापित करें और आप आपके खुद के पैसे के लिए ही जिम्मेदार हैं .. वेबसाइट के मालिक ( किसी भी खो, लाभ या घोटाले के लिए जिम्मेदार नहीं हैं। व्यवस्थापक