Bitcoin Price Analysis – Can BTC Reach $5,000 In April 2019?

Story by: Yaz Sheikh

Bitcoin BTC, -1.71% has been trading sideways over the past month, as the world’s most valuable cryptocurrency has only managed to increase by a small 2% over the past 30 days of trading. BTC is now trading at a value of $3,972 as the Bitcoin markets continues to battle with resistance at the $4,000 level.

In this article, we will analyze the BTC/USD market to see if Bitcoin has the potential to reach $5,000 before the end of April 2019. For Bitcoin to reach $5,000, the market will have to increase by a total of 25% from today’s levels.

The good news is that if BTC/USD can break above the $4,000 resistance level and continue above $4,144, the market should be able to power higher and reach the $5,000 milestone before the end of next month.

Buy Bitcoin (BTC) 

Bitcoin price analysis

BTC/USD – 1 DAY CHART – SHORT TERM

What has been going on?

We can see that after the price increase in February, which saw Bitcoin reach a high of $4,144, the market has continued to trade sideways. Bitcoin has been trading above support at the bearish .618 Fibonacci Retracement level (drawn in red) priced at $3,929 for the past couple of weeks.

At this moment in time, the market is struggling to break above the 100-day moving average level, which is proving to be a significant resistance area.

Where is the resistance on the way to $5,000?

If the BTC/USD market can break above the $4,000 level and climb above the 100 day-moving average, the bulls will meet immediate resistance at the short term bearish .786 Fibonacci Retracement level (drawn in red) priced at $4,144. This area of resistance will also be strengthened by a long-term downward sloping trend line which coincides at the same price level.

If the buyers continue to break above the $4,200 level, higher resistance above can then be expected at the long term bearish .382 Fibonacci Retracement level (drawn in blue) priced at $4,449. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.

Further resistance above $4,450 can then be located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in green) priced at $4,558 and $4,733, respectively.

Before Bitcoin is able to reach $5,000, the bulls will need to break above more resistance at the bearish .5 Fibonacci Retracement level (drawn in blue) priced at $4,848. If they can power above this level of resistance, the market will be clear to make an attempt at $5,000.

Can bitcoin do this in April?

Bitcoin is very capable of jumping by 25% in one month. However, the market needs to break above the current significant resistance at the 100-day moving average. Above this, the $4,200 level is the next important level of significant resistance. If the market can break above $4200, it is likely that BTC/USD can continue and reach $5,000 by the end of April 2019.

The RSI is trading above the 50 level as the bulls remain in control of the market momentum. For BTC/USD to break above $4,000 and climb further, the bulls will require some significant volume and momentum.

Original story: https://coincodex.com/article/3263/bitcoin-price-analysis-can-btc-reach-5000-in-april-2019/

Facebooktwittergoogle_plusredditmailby feather

Leave a Reply