So far, April had been a blessing for Bitcoin. The primary cryptocurrency was trading slightly around the ,000 mark on April 1st, but since then, there was only one way.There is only one disadvantage in this short-term positive trend: Bitcoin price is back to the recent positive correlation with the global stock markets. Satoshi’s plan was different – if Bitcoin wants to succeed in the long-term, it needs to stand by itself, uncorrelated to equity markets.Two days ago, on Tuesday, the Bitcoin price saw 0 gains. The price increased into the 00 – 00 resistance area. Since then, Bitcoin was trading below the level, with no success of breaking through.The bottom of the past two days’ range was 00 (despite one glitch below). On our previous price analysis, we predicted that a
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So far, April had been a blessing for Bitcoin. The primary cryptocurrency was trading slightly around the $6,000 mark on April 1st, but since then, there was only one way.
There is only one disadvantage in this short-term positive trend: Bitcoin price is back to the recent positive correlation with the global stock markets. Satoshi’s plan was different – if Bitcoin wants to succeed in the long-term, it needs to stand by itself, uncorrelated to equity markets.
Two days ago, on Tuesday, the Bitcoin price saw $600 gains. The price increased into the $7400 – $7500 resistance area. Since then, Bitcoin was trading below the level, with no success of breaking through.
The bottom of the past two days’ range was $7200 (despite one glitch below). On our previous price analysis, we predicted that a correction is likely to take place before breaking the $7400 – $7500 highs.
Altcoins Join The Party
Despite the surge in Bitcoin’s price, the Bitcoin dominance had declined. Money is going back into the crypto markets, buying altcoins like Ethereum – 26% up over the past seven days, Chainlink – 46% over the past seven days, and Tezos – 32% accordingly. Is it just a temp correction? Or is it a new Altcoins season approaching?
Total Market Cap: $209 billion
Bitcoin Market Cap: $133.7 billion
BTC Dominance Index: 63.9%
*Data by CoinGecko
Key Levels To Watch & Next Possible Targets
– Support/Resistance levels: Following the breakout, Bitcoin is still facing $7400 – $7500, along with the 50-days MA line (~$7400), as the first level of resistance. In the case of a break-up, we should see Bitcoin reaching higher to $7700 and even higher to $7900 and $8000.
The most crucial resistance area for the short-term will be the $8100 – $8200, which contains both the significant 200-days MA line (light green), as well as the 100-days MA line (white).
If Bitcoin won’t break-up soon, we will likely go below. The initial level of support is the prior resistance at $7200 (the bottom of the past two days). Further below is the ascending trend-line (since March 12) – around $7000. Down below lies $6800, and $6600.
– The RSI Indicator: The RSI is starting to lose patience; however, the crucial 50 area had turned from a tough resistance into the first support. The lower time-frame, the 4-hour’s RSI, is having a little bearish divergence, which we will need to watch out.
– Trading volume: Since the peak last Tuesday, the trading volume had been declining since then. In anticipation of the next big move, which will likely come soon.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
