Bitcoin analysis for April 15, 2019

BTC has been trading sideways at the price of $5.131. We are still expecting more downside on the BTC.

According to the H4 time-frame, we found that bearish flag is in creation just after the BTC did break the support trendline, which is sign that potential distribution of orders may appear. Our advice is to watch for the breakout of the support trendline to confirm further downward movement. Support levels are seen at the price of $4.660 and at the price of $4.121.

Trading recommendation: We are bearish on the BTC from $5.130 with the targets at $4.660 and $4.121. Protective stop is placed at $5.460.

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

BITCOIN Analysis for April 15, 2019

Bitcoin is currently trapped in a trading range from $5,000 to $5,250. Recently, the price managed to gain certain bullish momentum after a drastic dip towards $5,000.

The price maintains the trend line which is holding the price as support from where the price is going to push higher with a target towards $5,250. Later if a daily close is seen above this level, then further upward pressure is expected. The price above the Kumo Cloud may fluctuate and correct itself as the volatility still persists. For clearly impulsive bullish pressure, a break above $5,250 is required. Holding above $5,000 indicates a further bullish bias with a target towards $5,500 and later towards $6,000 in the future.

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