Bitcoin Analysis of April 5: A New Uptrend?

According to the Bitcoin analysis of April 5; Bitcoin maintains $46,000. According to technical analysis by NewsBTC’s Aayush Jindal, BTC needs to surpass $47,000 in the short term to move into positive territory.

Is Bitcoin Targeting a New Rise?

Bitcoin tested the $45,150 zone and formed a bottom above $45,150, starting a fresh increase. There was a break above the $45,500 and $45,800 levels. BTC managed to climb above the 50% Fib retracement level of the recent decline from the $47,444 low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,700 level.

There is also a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near the $47,000 or the 76.4% Fib retracement level of the $47,444 low to $45,153 low.

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Bitcoin analysis of April 5
Bitcoin analysis of April 5

The $47,000 Level Is Important

In the Bitcoin analysis of April 5, according to the analyst; A clear move above the $47,000 resistance could start a massive increase. In this case, the price may perhaps rally towards the $48,000 resistance. Any further gains could send the price towards the $50,000 barrier. An intermediate resistance is likely near the $49,250 level.

Will Bitcoin Drop?

Jindal says that if Bitcoin fails to break past the $47,000 resistance zone, it could start another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average. The next major support is seen near the $45,800 level. The main support is now near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, BTC may even drop to $44,000.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
  • Major Support Levels – $46,200 followed by $45,150
  • Major Resistance Levels – $47,000, $48,000, and $50,000

Note: You have come to the end of the Bitcoin analysis of April 5. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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