Bitcoin price analysis on April 11

Bitcoin price analysis on April 11

Key points

Bitcoin prices climbed further and once broke through $5,400.

Before the price of the currency fell, it hit a new high of 5,461 US dollars.

In the downturn, Bitcoin fell below the important uptrend channel this week, with support at $5,240.

The price of the currency fell below $5,240, and the current decline may widen to $5,070 and $4,960.

Bitcoin price analysis

Yesterday, we discussed the possibility of Bitcoin breaking through $5,400. Bitcoin did break through $5,400 and set a new high. The currency price even broke through the high of $5,450, hitting $5,461. However, shortly after, there was a strong bearish reaction to the price, with Bitcoin falling below the support levels of $5,380, $5,320 and $5,280.

During the decline, Bitcoin also fell below the 50% Fibonacci retracement of the last volatility (from a low of $5,151 to a high of $5,461). In addition, during the downturn, Bitcoin fell below this important uptrend channel this week, with support at $5,240. The pair even fell below $5,200 and 100-hour SMA. The final price fell below the last volatility of the 76.4% Fibonacci retracement (from a low of $5,151 to a high of $5,461). Bitcoin tested again the last low near $5,150 and is currently picking up.

However, at this time the support level of the trend line of $5,240 and the 100-hour SMA showed resistance. If the seller moves further, Bitcoin is also likely to fall below the volatility low of $5,151. The next support is at $5,075. The price coincides with the last fluctuation of the 1.236 FIB extension level (from a low of $5,151 to a high of $5,461). If the currency price falls further, Bitcoin will likely fall below $5,000. The next major support is at $4,960, and Bitcoin may encounter a large number of buyers at this price.

Bitcoin price analysis on April 11

As you can see from the chart, Bitcoin has the risk of falling. If the price wants to start further, it must break through $5,280 and 100-hour SMA.

Technical indicator signal

MACD per hour – MACD is accelerating the pace in the bearish range

RSI per hour – RSI drops sharply below 50

Main support level – $5,150 and subsequent $5,075

Main resistance levels – $5,240, $5,280 and $5,320 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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Investment institutions: Bitcoin will climb to 100,000 US dollars, the altcoin will "dead"

Heisenberg Capital, a venture capital firm led by early credit digital currency adopters Max Keizer and Stacy Herbert...

Blockchain

From "revolution" and "crash" to "sports", the industry has seen the bitcoin magic for half a year.

Without a little precaution, Bitcoin opened the bull market. Since entering May, Bitcoin has continued to break throu...

Blockchain

Bitcoin’s average cost of holding money has reached a new high, and the market value has exceeded 100 billion US dollars for the first time.

This week, Bitcoin has won an important milestone, with its realized market value (Realized Cap) surpassing $100 bill...

Market

Xinhuanet: BTC broke through 8,000 US dollars, is the long-term chess game still a safe haven?

Recently, despite the strong risk aversion in the global market, Bitcoin has revived the hot market. On the 13th, the...

Market

Will Bitcoin prices pull back or continue to rise?

Despite the end of the long-term bear market trend in the encryption market, a well-known analyst believes that excit...

Blockchain

The competition currency continues to be sucked, and the market value of Bitcoin accounts for nearly 70%.

Bitcoin has been on the rise since the first half of this year and has expanded further in the past few weeks. Despit...