Bitcoin Price Technical analysis Tuesday, April 16, 2019

During today session the price of Bitcoin has shown to lose strength sending the price to touch the $ 5000 again, it is clear that the buying force has decreased and this creates an alert for investors thus preventing new purchases from entering.

Although BTC has left the overbought area, the volume level also remains low so it is not an option to enter long at this time. Bitcoin has fallen more than 7% since its last peak at $ 5400, this has caused it not to have strength to increase up to the resistance in the $ 6100.

Key Highlights

  • Bitcoin loses buying power
  • BTC between $ 5000 – $ 52000
  • Possible pullback at $ 4500

Analyzing the BTC / USDT chart in a one-day period, we can see how BTC has not managed to exceed $ 5200 for many days, this has led to a consolidation between $ 5,000 and $ 5,200.

BTC continues above the 200 SMA, which is positive. The point here is that although BTC has rallied in a bullish rally, it needs a setback before going for the next resistance and it is in that setback that nobody wants to buy before it happens, thus creating an environment of distrust in the market.

At this time it is recommended to avoid long entries, for those who do scalping take advantage of the rapid movements of BTC can be a profitable option.

It should be noted that, BTC could have a strong setback at any time so you have to consider the risky entries (more than usual) in that way to avoid getting caught in a negative position.

BTC/USD Time Frame 1 day

Technical indicators

  • RSI: 65%
  • Support: $4500
  • Resistance $6100