Bitcoin analysis for April 10, 2019

BTC has been trading continues to trade sideways at the price of $5.260 and with very slow momentum. BTC is in indecision zone and we would need further confirmation before the next direction.

Our analysis from yesterday is still active. According to the H1 time-frame, we found that ADX reading is below 30 and, which is sign that short-term trend is weak and sideways price action is present. We found potential for ascending triangle in creation but the price would need to break the resistance at $5.326 and then successfully test it before we start to buy again. If the resistance at the price of $5.326 holds, sell off will be possible. The breakout of the support at $5.000 may confirm downward scenario and potential test of $4.636.

Trading recommendation: We are neutral but we are closely observing potential breakout of the support or resistance to confirm further direction.

The material has been provided by InstaForex Company - www.instaforex.com

BITCOIN Analysis for April 10, 2019

Bitcoin has managed to go above $5,250 after a correction at the edge. The price has recently retested the resistance and it is about to move higher.

The price was held by the strong support area of Kumo Cloud earlier while it was correcting below $5,250. Besides, the strong levels like 20 EMA, Tenkan and Kijun line are currently expected to work as support whereas the Chikou Span that is breaking above the price line also indicates the possibility of further uptrend. MACD shows no signs of Bearish Divergence which confirms that the bullish sentiment is going to rise further in the coming days. The targets may appear around $5,500 and later move towards $6,000.

Bitcoin is anticipated to attract more bull traders on its way to new highs. However, some unexpected surprises may take place. So, a trader should be able to make sure the risks are managed properly. The bullish sentiment is expected to prevail as long as the price remains above $5,000.

SUPPORT: 5,000, 5,250

RESISTANCE: 5,500, 6,000

SENTIMENT: BULLISH

MOMENTUM: VOLATILE

The material has been provided by InstaForex Company - www.instaforex.com