Bitcoin price continues its uptrend today, appreciating by 0.9% to 5,251 USD. The cryptocurrency has cemented a higher low and retained its bullish market structure on the daily chart after a hotly contested close on April 9. Bitcoin has managed to fend off any attacks from the bears and community still remains positive for further growth.
Other cryptocurrencies are also into the green with Ethereum rising by 1.2% to 179.95 USD, while XRP appreciating by 1.05% to 0.3554 USD. The biggest winner today is Ethereum-based EOS, which is up by 5.6% to 5.86 USD.
However, the trend is negative for Litecoin and Bitcoin Cash, which wiped out 0.25% of their value.
The cryptomarket is stable and its total value is rising slightly to 182.114 billion USD.
Bitcoin price analysis
The cryptocurrency is now trading in a 100 USD range between 5,187 USD and 5,287 USD placing its price firmly above the prior April 4 low and cementing a higher low on the daily chart.
There is bullish momentum having maintained a hold above 5,200 USD support over the last 24-hours despite multiple dips in its price. Bitcoin now looks set to continue its climb within the ascending triangle – typically bullish indicators – with a measured target set at 5,885 USD should BTC break above the upper trendline at 5,320–5,350 USD.
Over the last three sessions, there were movements around the 5,300 USD level were spotted, which signals for instability of the cryptocurrency.
Earlier, the Bitcoin started a downward adjustment after reaching 5,362 USD. It dropped below 5,250 USD and a 23.6% Fib retracement level of the upward move from the 4,896 USD low to 5,362 USD high.
There was a breakthrough under the 5,200 USD support before buyers came close to the 5,150 USD level. Later, the price began trading in a range above the 5,150 USD level and the 100-hour simple moving average.
The price is traded above the 50% Fib retracement level of the upward move from the 4,896 USD low to 5,362 USD high. More importantly, yesterday’s upside-down channel is intact with support for 5,180 USD. The cryptocurrency gets support by 5,150 USD and a 100-hour SMA, which hold the key for the next uptrend in the near future.
While the price of Bitcoin follows the channel, there are chances for more gains above the resistance levels of 5,300 USD and 5,360 USD. The price may even trade up to a new peak in 2019 above 5,380 USD.
The next key resistance is close to the 5,400 USD level where buyers may appear. Conversely, if there is a breakthrough under the 5,150 USD support, then there may be more deficiencies. The next immediate support is 5,075 USD, below which the price may return to the support area around 5,000 USD.
Ethereum price analysis
Recently there was a downward adjustment of Ethereum price to 188 USD.
The cryptocurrency fell below support levels of 184 USD and 180 USD. The price even averaged 176 USD but found a strong buyer interest close to 174 USD. Additionally, the 61.8% Fib retracement level of the upward move from the 164 USD low to 188 USD high acted as support. The price has formed a decent base for support above the 174 USD level and has recently risen.
Ethereum tested the resistance at 176 USD and 23.6% Fib retracement level of the upward move from the 164 USD low to 188 USD high. More importantly, there was a breakthrough over the bearish trend and the resistance of 177 USD.
This paved the way for more profits and the price has recently tested the level of 180 USD. It appears that the 50% Fib retracement level of the upward move from the 164 USD low to 188 USD high acts as a short-term resistance.
If the price is adjusted lower, there will likely find a decent buy interest close to the 176 USD or 175 USD levels.