Bitcoin price analysis on April 9

Bitcoin price analysis on April 9

Key points

Bitcoin is still in a steady upward trend above the $5070 and $5,000 support levels.

Bitcoin prices are falling, but they are still strongly supported above $5,000.

In the hourly price chart, a key uptrend channel is being formed with support at $5,075.

The price of the currency may fall back to a few points in the direction of $5070 and then rise again in the direction of $5360.

Bitcoin price analysis

Recently, bitcoin prices have steadily increased towards $5,300. The price of the currency broke through the resistance range of $5,250, but failed to break through $5,300. In fact, at the beginning, Bitcoin formed a high of $5,359, but it was revised to below $5,250 shortly after, and fell below the last wave of the 23.6% Fibonacci retracement (from 4900). The dollar low rose to a high of $5,130). The pair even fell below the $5,200 level and tested the $5,130 level.

The last volatility of the 50% Fibonacci retracement (from a low of $4,900 to a high of $5,130) also showed a strong support level. Prices have risen above $5,250, but failed to break through $5,300. Currently, the currency price is being revised downwards towards a key bullish trend line with support at $5,150. Below the trend line, the 100-hour SMA is also around $5,100. More importantly, in the hourly price chart, a key uptrend channel is being formed with support at $5,075.

In the short term, Bitcoin may move in the direction of $5,100 and $5,075. However, buyers may protect Bitcoin from the trend line support and $5050. If the price rises, the initial resistance is at $5,250. The next key resistance is at $5,300. Above this level is the $5,360 resistance.

Bitcoin price analysis on April 9

As can be seen from the chart, bitcoin prices are still steadily rising, and it is difficult for bears to push the price of bitcoin down to $5050 or less. Only after successfully closing below $5,000 will it be possible to start a sharp correction. The next key support is $4,750. If the price rises, it is only possible to rise to $5,500 by breaking through the $5,300 and $5,360 resistance levels.

Technical indicator signal

MACD per hour – MACD is moving slowly within the bearish range

RSI per hour – RSI has recently fallen and seems to be struggling around 50

Main support level – $5,100 and subsequent $5070

Main resistance levels – $5,250, $5,300 and $5,360 thereafter

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

Blockchain

The first bitcoin futures block trade is released, will Bakkt's fate turn around?

According to Coindesk's October 5 report, cryptocurrency investment fund Galaxy Digital and off-exchange (OTC) t...

Blockchain

The bitcoin transfer advantage is once again highlighted! Whale transfer of $468 million requires only a few hundred dollars in handling fees

Bitcoin has received a lot of criticism for its “inappropriate” as a payment mechanism, but in terms of...

Blockchain

Analysis: Bitcoin and its value growth logic for bull market entry

Prologue: Satoshi Nakamoto A nation has a group of people who look up at the stars, and they have hope. -Hegel Beginn...

Blockchain

Quote analysis: normal adjustment, no panic

As the financial market changes dramatically, the global central bank “super-interest week” is on sched...

Blockchain

The Secret History of Bitcoin: Bitcoin and Space Travel

Source: Hash Pie Author: LucyCheng What can Bitcoin be used for? Buying computers, paying rent, paying electricity bi...

Blockchain

Former Bakkt CEO becomes U.S. Congressman, Chief Product Officer takes over

Bakkt, an Intercontinental Exchange (ICE) focused bitcoin business, has promoted its chief product officer, Mike Blan...