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.

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

Bitcoin concept is abandoned, the era of encryption inflation is coming

Ever since, influenced by Bitcoin, the originator of the mountain, cryptocurrency has always had the idea that "...

Market

Opinion: BTC has no “intrinsic value” but it is still the best value storage medium

With regard to bitcoin, skeptics often reject it by criticizing that they have no intrinsic value. Their arguments ar...

Blockchain

Capital events black swan frequently, the marginal effect on BTC is weakening

The capital market black swan frequently appeared. Last night, the US president announced that he would impose tariff...

Blockchain

Looking at the moon in the mist, how to distinguish you is a cow is a bear

The market once again fell yesterday. The only targets that have not broken the position are BTC and BNB. The mainstr...

Market

Central Bank of Argentina cannot stop inflation and force people to use bitcoin

Argentina’s inflation rate exceeds 54% The Argentine central bank has tightened monetary policy three times la...

Market

Optimism Grows for Bitcoin ETF Approval: Professional Analysis with a Touch of Humor 🚀💰

According to the report, there has been a considerable increase in the amount of bitcoins being transferred into larg...