Bitcoin price analysis on April 16

Key points

Bitcoin tried to break through the $5,190 to $5,200 range, but did not succeed and began to fall.

Bitcoin rebounded back to the $4,940 support level, but it rebounded to above $5,000.

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On the hourly price chart, there is a key bearish trend line with resistance at $5,110.

In the short term, the price of the currency may be frustrated, but the buyer will keep the price above $4,900.

Bitcoin price analysis

Yesterday, bitcoin prices rose steadily from the support of $4,940. During the ascent, Bitcoin broke resistance levels of $5,100 and $5,160. The pair also broke through $5,180, but the price was relatively struggling at $5,190. However, Bitcoin did not break the 50% Fibonacci retracement of the last decline (from a high of $5,465 to a low of $4,920). The price eventually formed a top pattern that subsequently fell below the $5,100 and $5,000 support levels.

Bitcoin returned to the $4,940 support area and set a new low at $4,943. However, Bitcoin has recently rebounded to above the $5,000 resistance level. In addition, buyers also pushed Bitcoin to $5050 and the last fluctuating 50% Fibonacci retracement (from a high of $5,190 to a low of $4,943). However, the $5,090 and 100-hour SMA is a strong resistance for Bitcoin. In addition, the 61.8% Fibonacci retracement of the last decline (from a high of $5,190 to a low of $4,493) is also a resistance level.

More importantly, on the hourly price chart, there is a key bearish trend line with resistance at $5,110. Above the trend line, buyers are facing major resistance levels ranging from $5,190 to $5,200. Once you, it is not easy for buyers to break through the $5,100 resistance in the short term.

As you can see from the chart, Bitcoin is likely to encounter resistance at the level of $5,110 and $5,100. If the price of the currency breaks through the $5,110 level, Bitcoin will likely return to the resistance level of $5,200. If it fails to break through, the price will likely fall back to $4,940, $4,920, and $4,900. In general, it is unlikely to fall below $4,900. If you break below this level and slip to $4,850, there will be a large number of buyers.

Technical indicator signal

MACD per hour – MACD is slowly returning to the bull market

RSI per hour – RSI recovered to above 40, but still below 50

Main support level – $5,000 and subsequent $4,940

Main resistance levels – $5,090, $5,110 and $5,190

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.

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