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Continuing to our Friday Bitcoin price analysis; Bitcoin seems strong building demand around the $5000 zone. However, as we know the crypto industry, everything can happen after returning from the weekend on Monday (tomorrow).
Yesterday, Bitcoin retested the $5200 level one more time and quickly got rejected. The big picture is that BTC is forming an ascending triangle. Breaking up the triangle at the $5200 $5300 resistance could lead BTC to a further target of $5600 – $5700. The last area is the 2018 long-term support level, which got broken on November 14, 2018, and will now be tested as storng resistance.
Total Market Cap: $180.1 Billion
Bitcoin Market Cap: $91 Billion
BTC Dominance: 50.5%
Looking at the 1-day & 4-hour charts
– Support/Resistance:
From above, Bitcoin is still facing the $5200 area. After twice getting rejected, Bitcoin is getting closer to breaking up the $5200; however, the real target is the resistance area of $5300. Above the last, resistance (weak) lies at $5500 before reaching the 2018 legendary support turned resistance line at $5700.
From below, the $5000 – $5100 is the nearest support level, along with the ascending trend-line of the mentioned triangle. Below lies $4800 and $4700. The next support level is the 200-days moving average line of the daily chart (marked in light green) which is around $4590 as of now.
– Daily chart’s RSI: The RSI is level is nearing 90, deep in the bullish territory, which is the highest level throughout the past year. This could lead a reasonable correction down.
– The daily trading volume: Over the past week we can see a high volume of buyers. However, the past two days were dull in volume, probably due to the weekend.
– BitFinex open short positions: Since our previous price analysis, there was no significant change, whereas the open short positions lies at 21.1K of BTC open positions.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.