Bitcoin price analysis on April 12

Bitcoin price analysis on April 12

Key points

Bitcoin failed to stay above $5,150 and prices began to fall sharply.

Subsequently, the price fell below the support of $ 5,080 and $ 5,000, entering a short-term bearish trend.

On the hourly price chart, there is a short-term downtrend channel with resistance at $5040.

Bitcoin may fall further towards $4,850, and buyers may appear at this price.

Bitcoin price analysis

Recently, Bitcoin triggered a downside reaction after falling below the support level of $5,350. Bitcoin began to fall sharply after the seller successfully pushed the bitcoin price below the support level of $5,220 and $5,150. This opened the door for further decline and fell below $5,150 and 100 hours SMA. Prices even fell below the $5,000 support level and were close to the $4920 support area.

After a new low of $4,922, prices began to consolidate losses. First, Bitcoin tested the last 50% Fibonacci retracement (from a high of $5,463 to a low of $4,922). On the hourly price chart, there is a short-term downtrend channel with resistance at $5040. Trading pairs may rise above $5040 and $5050, but will be blocked near $5080 and $5100. The main resistance is at $5,150. Above this level, Bitcoin will test the last 50% Fibonacci retracement (from a high of $5,463 to a low of $4,922).

Bitcoin price analysis on April 12

As can be seen from the chart, Bitcoin has performed poorly in the past two trading days and eventually fell below the support level of $5,150. Upside corrections may occur in the short term, but the upside may be clamped around $5,080 and $5,100. Therefore, the price is likely to continue to fall below $4,920. Below this level, buyers should appear when they move to $4,850.

Technical indicator signal

MACD per hour – MACD has seen negative signs in the bearish range

RSI per hour – RSI has recently rebounded from 30, currently close to 40

Main support level – $4,920 and subsequent $4,850

Main resistance levels – $5040, $5,080 and $5,150 above

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.