Bitcoin Forming an Ascending Triangle Targeting Even Higher

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Ascending Triangle

Keeping on our Friday Bitcoin price analysis; Bitcoin appears strong building demand about the $5000 zone. Nonetheless, as we realize the crypto industry, everything can develop after rebounding from the weekend on Monday (tomorrow).

Yesterday, Bitcoin retested the $5200 level again and swiftly got rejected. The big picture is that BTC is putting together an ascending triangle. Breaking up the triangle at the $5200 $5300 resistance could possibly lead BTC to a further target of $5600– $5700. The final area is the 2018 long-term support level, that got broken on November 14, 2018, and will now be tested as strong resistance.

Total Market Cap: $180.1 Billion

Bitcoin Market Cap: $91 Billion

BTC Dominance: 50.5%

Looking at the 1-day & 4-hour charts

– Support/Resistance:

Coming from above, Bitcoin is still being confronted by the $5200 area. After a few times getting rejected, Bitcoin is getting closer to breaking up the $5200; even so, the actual target is the resistance area of $5300.

Above the last, resistance (weak) is found at $5500 before arriving at the 2018 legendary support turned resistance line at $5700.

From below, the $5000– $5100 is the closest support level, along with the ascending trend-line of the talked about triangle. Below lies $4800 and $4700. The next support level is the 200-days moving average line of the daily chart (marked in light green) which is approximately $4590 currently.

— Daily chart’s RSI: The RSI is level is nearing 90, deep in the bullish territory, which is the highest level all throughout the past year. This could lead a reasonable correction down.

— The daily trading volume: Over the past week we can notice a high volume of buyers. However, the past two days were uninspiring in volume, probably due to the weekend.

— BitFinex open short positions: Since our former price analysis, there was no notable change, while the open short positions lies at 21.1 K of BTC open positions.

BTC/USD BitStamp 4-Hour Chart

btc_apr7_4h-min

BTC/USD BitStamp 1-Day Chart

btc_apr7_d-min

The post Bitcoin Is Forming an Ascending Triangle Targeting Even Higher – BTC Price Analysis April 7 appeared first on CryptoPotato.

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