Cryptomarket edged higher in the first trading session of April with Bitcoin rising by 0.7% to 4,132 USD, while Ethereum and XRP expanded by 0.2% and 0.5%, respectively.
Bitcoin closed the first quarter of 2019 with 10.91% gains, which is the biggest quarterly increase since the fourth quarter of 2017. While bearish exhaustion is evident, a bullish reversal above 4,236 USD still remains elusive. A sustained break above that level may not happen in the next few months, as the price seems to be mimicking the bottoming pattern seen in nine months leading up to the October 2015 bull breakout.
The short-term outlook on Bitcoin remains bullish as Friday’s close above 4,055 USD bolstered the bullish setup on the daily chart. The cryptocurrency could test the February high of 4,190 USD this week.
The cryptomarket is generally moving higher, as bulls are returning. However, the uptrend is limited due to the SEC’s postponement of its decision on the ETF proposals of Bitwise and VanEck.
The biggest winners today are 13th and 14th largest cryptocurrencies, Dash and Monero, which appreciated by 10% and 7.5%. The total cryptocurrency market value is 145.314 billion USD.
Bitcoin price analysis
Bitcoin price is trading with a strong uptrend above the 4,040 USD pivot level and likely will break the 4,150 USD resistance and could surge above 4,200 USD.
After forming strong support near the 4,040 level USD, the price of Bitcoin climbed above 4,100 USD. A decent bullish path followed, with a couple of sharp moves towards 4,060 USD, until finally gaining bullish momentum and traded above the 4,100 USD and 4,120 USD resistance levels. A new weekly high was formed near the 4,142 USD level and the price is currently trading in a range.
The closest support level is near the 4,120 USD and the 23.6% Fib retracement level of the recent rise from the 4,052 USD low to 4,142 USD high. However, the main support is near the 4,100 USD level, where buyers will appear. More importantly, there is a new contracting triangle forming with support near 4,100 USD. If the pair breaks the triangle support, it could test the 4,060 USD level and the 100 hourly simple moving average.
On the upside, the triangle resistance is near the 4,145 USD and 4,150 USD levels. A clear break above the 4,150 USD resistance could open the doors for more gains above 4,200 USD. Actually, 4,200 USD is a major short-term resistance in bitcoin price, where most of the traders will cash-out the profits. The next significant resistance is at 4,240 USD, above which the price may increase to 4,400 USD. On the flip side, if there is a fresh downside correction, buyers might take a stand near the 4,060 USD support or the 100 hourly simple moving average.
Ethereum price analysis
Recently the price of Ethereum started a downward correction after testing the resistance zone around 145-146 USD.
The price even broke the support level of 140 USD and tested key support areas around 139 USD. Buyers appeared when the price was close to the 139 USD support and the 100-hour simple sliding average. After a sharp decline, the price started a new upward move and traded above the resistance level of 140 USD.
Later, there was a breakthrough over the downward channel with a resistance of 141 USD. The cryptocurrency jumps above the 50% Fib retracement rate of the recent move from 145 USD high to 139 USD low.
The price of Ethereum reached the level of 142 USD but faced obstacles close to the level of 143 USD. The 61.8% Fib retracement rate of the recent move from 145 USD high to 139 USD low also proved to be a resistance. Currently, the price is currently consolidating profits above 142 USD and may drop several points.
On the downside, support levels are 142 USD and 141 USD. On the upside, a clear break across the 143 USD resistance may push the price to the resistance zone at 145 USD.
Over 145 USD, the next target for buyers may be close to 150 USD. On the downside, if there is an increase in sales pressure, the price can review the support of 139 USD and the 100-hour SMA.