Bitcoin (BTC) Price Analysis – April 30
The recent steady movement in Bitcoin price was as a result of low
volatility in the course of the last five days of trading which had tightened
trading between the range of $5100 and $5300. However, a surge in volatility is
expected to determine the next ultimate direction of the giant crypto.
BTC/USD Long-term Trend: Bullish (1D chart)
Key Levels:
Resistance levels: $5600, $6000
Support levels: $4800, $4500
Resistance levels: $5600, $6000
Support levels: $4800, $4500
From the long-term perspective, we had seen how Bitcoin managed
to crawl above the green trend-line before the notable spike in early April
which has floated price above the $5000 level. After the sudden price increase,
BTC has flagged up with steady movement in the channel.
Last Thursday, Bitcoin dropped to $5000 from the $5600 high
level. Since then, the market has been trading below $5400 till this moment
with choppy price action. While indecisive, we may experience another surge in
volatility which could take Bitcoin to the next phase.
The RSI is currently indecisive. A downward direction may lead
to a bearish breakout. Below the channel lies a tight range between $4800 and
$4500. The 4-hours Stochastic RSI suggested BTC to be bearish.
BTC/USD Medium -term Trend: Bullish (4H Chart)
After the April 2 sudden price surge, Bitcoin has remained in
the ascending channel. Though, nothing much has changed since the leading cryptocurrency poised $5600,
the current resistance. For the past five days now, Bitcoin’s volatility has
been relatively low. As a result of this, the market appeared indecisive with
choppy price action.
Sitting on the lower trend line, below the channel lies $4900
and $4700 support. On the upside, the market may retest $5500 and $5600
resistance levels, where the upper trend line lies. Above this channel, Bitcoin
could create a new high around $5800 and $6000 levels.
The 4-hours RSI is rising above the 40 level. A further incline
may project BTC price at $5500. Significantly, the 4-hours Stochastic RSI lies
close to the overbought territory.
Please note: insidebitcoins.com
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your investing results.
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