Bitcoin Price Analysis – Bitcoin Waiting For Breakout As Price Remains Fragile

Bitcoin Price Analysis – Bitcoin Waiting For Breakout As Price Remains Fragile

• Bitcoin continued to trade in a tight range as price prepares to breakout
• The bearish sentiment may continue if Bitcoin fails to show strength

Apart from the $4000-$6000 levels, Bitcoin has been trading between the ranges of $5000-$5500 areas for the past three days now, which shows that there’s a lack of interest in the market. These mentioned price levels are the key areas to determine whether the price will continue to drop or rise again. As of now, Bitcoin is in a consolidation stage.

Key resistance levels: $5500, $6000
Key support levels: $5000, $4465

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral / Bearish

The price of Bitcoin has continued to squeeze over the past few days now due to FUD amongst traders. We can see that Bitcoin has tightly held $5000-$5500 price areas for a while now. Looking at the price actions, it would only take a surge for the price to move out of this tight range.

BTCUSD-4H-Chart-March-19

If the price spikes above $5500, Bitcoin is likely to revisit the $6000 resistance once more before breaking out from the blue box. A spike below the $5000 level could trigger selling pressure to $4465 support. If the price drops beneath the box, Bitcoin may retest the $4000 (monthly low). As long as the price remains under the yellow regression line, we would consider Bitcoin to be under bearish control.

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

Bitcoin is still trapped in a symmetrical triangle on the hourly chart. In the next few hours, we can expect the price to break out from this triangle formation. However, Bitcoin could break out on both sides. Meanwhile, the buyers have been struggling to gain control of the market for a while now.

BTCUSD-4H-Chart-March-19

Inside the triangle, Bitcoin is holding resistance at $5500. Above the triangle, resistance is located at $6000 and $6500 before we can see further increase. On the downside, there’s a support at $5000. If Bitcoin drops beneath the triangle, support to watch is $4465 and $4000. Bitcoin is currently fragile. We may need to wait for a breakout before initiating an entry.

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.