Technical Analysis of Bitcoin

The beginning of April has been very positive for the cryptocurrency market so far, the price of Bitcoin is above $5000 and this is certainly a positive thing for all other cryptos. Bitcoin is the first cryptocurrency to have existed and receive wide acceptance, it enjoys the support of both developers and users communities. Bitcoin cannot be stopped by the “hardfork” and this cryptocurrency can be accessed by everyone on the internet. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. When we look at the 1-year chart we can see that Bitcoin is moving in “downtrend”.  Short term support and resistance levels are $ 5000 and $6 000 – If the Bitcoin jumps above $6 000 that would be a “BUY” signal and the open way to $7 000. If the Bitcoin jumps above  $10 000 that could be a strong signal of the trend reversal and the open way to $12 000. On the other side, if the BTC falls below $4 500 that will be a strong signal “SELL” signal and the next target could be around $4 000 or even $3 500.

Advice: The price of Bitcoin currently stands around $5 140 and there is a correlation between the price movements of Bitcoin and other cryptocurrencies. Investors who decided to invest in the Bitcoin when the trading was at its tiny fraction when compared to the highest price of this cryptocurrency, made the highest profit you could ever think of. The beginning of April has been very positive for the cryptocurrency market but all major cryptocurrencies are still under the pressure. As for the technical picture, the Bitcoin remains in bearish phase but if the price advances above $6 000, short-term traders can enter the position with the stop loss at $5 800 and take profit at $6 800 or even $7 000.

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