Bitcoin Price Technical Analysis (BTC/USD) Friday, April 5, 2019

During today trading session Bitcoin price continues above $5000, has repeatedly tried to get back above $5050 but still continues in an area of ​​overbought so the force is not fit.

The RSI needs to go down at least 75% for BTC to leave the overbought area since this is an indicator that many investors are watching for decision making in long trades, it is obviously not a good choice to enter an area of overbought.

Key Highlights

  • Bitcoin continues Bullish
  • RSI in overbought area
  • BTC has not managed to exceed $5500

Analyzing the BTC/USD chart in 1-day time, we can see how the price has been consolidated in the $5000. Bitcoin is in an important overbought area so many investors interpret this as a profit taking point.

EMA 9/26 moving average tell us that Bitcoin still has a lot of strength to eventually reach $ 6000, the volume of purchase continues to be important, in summary BTC continues in a bullish rally.

Personally I think that to go long, it is best to expect the RSI to leave the overbought area at 80% and BTC to break the $5100 force with a target at $ 5600.

BTC/USD Time Frame Day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 86%
  • Support $4800
  • $ Resistance $5600

 

Disclaimer
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.