Bitcoin analysis for April 11, 2019

BTC has been trading downwards. The price tested the level of $4.955. We are expecting more downside.

According to the H4 time-frame, we found that our support trendline got finally broken, which is sign that sellers are in control and that buyers got exhausted. We found that fake breakout of the resistance at $5.324 in the background, which adds more weakness on the BTC. Our advice is to watch for selling opportunities with the downward targets at $4.651 and $4.133.

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

BITCOIN Analysis for April 11, 2019

Bitcoin was trading with high volatility aiming to climb higher after a breakout above $5,250. Indeed, the price jumped higher towards $5,500 but failed to sustain the bullish momentum as the impulsive counter pressure intervened.

The price recently rejected off the $5,000 area acting as support and revealed certain bullish pressure which will be able to lead the price higher towards $5,250 again. However, having dynamic levels like 20 EMA, Tenkan, and Kijun line as resistance, there is a bigger likelihood for BTC to reject the bulls and continue moving lower in the coming days. Though the market is currently quite impulsive with the bearish pressure, breaking above the $5,250 area again with a daily close is expected to reinforce upward momentum in the coming days. As the price remains above $5,000 area with a daily close, the impulsive bullish bias is likely to continue.

SUPPORT: 4,800-80, 5,000

RESISTANCE: 5,250, 5,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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