{"id":378009,"date":"2019-04-11T06:30:36","date_gmt":"2019-04-11T06:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=378009"},"modified":"2024-06-11T13:39:18","modified_gmt":"2024-06-11T13:39:18","slug":"bitcoin-price-btc-4900-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-4900-support\/","title":{"rendered":"Bitcoin Breaks Key Support But Buyers Could Protect $4.9K-$5.0K"},"content":{"rendered":"<ul>\n<li>Bitcoin price climbed further higher and broke the $5,400 resistance level against the US Dollar.<\/li>\n<li>The price traded to a new multi-month high at $5,461 before correcting lower sharply.<\/li>\n<li>This week\u2019s followed important ascending channel was breached with support at $5,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair settled below $5,240 and it may extend the current decline towards $5,070 or $4,960.<\/li>\n<\/ul>\n<p><em>Bitcoin price traded to a new yearly high and recently corrected lower against the US Dollar. BTC dipped below the $5,240 support and it could test the $5,000 support before a fresh increase.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we discussed the c<a href=\"https:\/\/wncen.com\/2019\/04\/10\/bitcoin-strength-btc-price-high\/\" target=\"_blank\" rel=\"noopener noreferrer \">hances of a spike above the $5,400 level<\/a> in bitcoin price against the US Dollar. The BTC\/USD pair did move higher, broke the $5,400 level, and traded to a new yearly high. There was even a break above the $5,450 level and a high was formed at $5,461. Later, there was a sharp bearish reaction and the price declined below the $5,380, $5,320 and $5,280 support levels.<\/p>\n<p>There was a break below the 50% Fib retracement level of the last wave from the $5,151 low to $5,461 high. Besides, this week\u2019s followed <a href=\"https:\/\/wncen.com\/2019\/04\/09\/bitcoin-btc-price-primed-for-gains-until-bears-break-5000\/\" target=\"_blank\" rel=\"noopener noreferrer \">important ascending channel<\/a> was breached with support at $5,240 on the hourly chart of the BTC\/USD pair. The pair even broke the $5,200 support and the 100 hourly simple moving average. Finally, there was a break below the 76.4% Fib retracement level of the last wave from the $5,151 low to $5,461 high. The price retested the last swing low near $5,150 and it is currently recovering higher.<\/p>\n<p>However, the broken support near $5,240 and the 100 hourly SMA are acting as resistance. If sellers remain in action, there are chances of more downsides below the $5,151 swing low. The next support is near the $5,075 level. It coincides with the 1.236 Fib extension Fib retracement level of the last wave from the $5,151 low to $5,461 high. Any further declines might even push the price below the $5,000 support area. The next main support is at $4,960 level, where buyers are likely to take a stand.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-378010\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-11.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price clearly moved into a short term bearish zone below $5,240. Therefore, there is a risk of more losses towards the $5,075 or $5,000 levels before the price could bounce back. On the upside, a close above $5,280 and the 100 hourly SMA is must for a fresh increase.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 50 level, with a bearish angle.<\/p>\n<p>Major Support Levels \u2013 $5,150 followed by $5,075.<\/p>\n<p>Major Resistance Levels \u2013 $5,240, $5,280 and $5,320.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price climbed further higher and broke the $5,400 resistance level against the US Dollar. The price traded to a new multi-month high at $5,461 before correcting lower sharply. This week\u2019s followed important ascending channel was breached with support at $5,240 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair settled below $5,240 and it may extend the current decline towards $5,070 or $4,960. Bitcoin price traded to a new yearly high and recently corrected lower against the US Dollar. BTC dipped below the $5,240 support and it could test the $5,000 support before a fresh increase. Bitcoin Price Analysis Yesterday, we discussed the chances of a spike above the $5,400 level in bitcoin price against the US Dollar. The BTC\/USD pair did move higher, broke the $5,400 level, and traded to a new yearly high. There was even a break above the $5,450 level and a high was formed at $5,461. Later, there was a sharp bearish reaction and the price declined below the $5,380, $5,320 and $5,280 support levels. There was a break below the 50% Fib retracement level of the last wave from the $5,151 low to $5,461 high. Besides, this week\u2019s followed important ascending channel was breached with support at $5,240 on the hourly chart of the BTC\/USD pair. The pair even broke the $5,200 support and the 100 hourly simple moving average. Finally, there was a break below the 76.4% Fib retracement level of the last wave from the $5,151 low to $5,461 high. The price retested the last swing low near $5,150 and it is currently recovering higher. However, the broken support near $5,240 and the 100 hourly SMA are acting as resistance. If sellers remain in action, there are chances of more downsides below the $5,151 swing low. The next support is near the $5,075 level. It coincides with the 1.236 Fib extension Fib retracement level of the last wave from the $5,151 low to $5,461 high. Any further declines might even push the price below the $5,000 support area. The next main support is at $4,960 level, where buyers are likely to take a stand. Looking at the chart, bitcoin price clearly moved into a short term bearish zone below $5,240. Therefore, there is a risk of more losses towards the $5,075 or $5,000 levels before the price could bounce back. On the upside, a close above $5,280 and the 100 hourly SMA is must for a fresh increase. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 50 level, with a bearish angle. Major Support Levels \u2013 $5,150 followed by $5,075. Major Resistance Levels \u2013 $5,240, $5,280 and $5,320.<\/p>\n","protected":false},"author":67,"featured_media":344597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-378009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Breaks Key Support But Buyers Could Protect $4.9K-$5.0K<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded to a new yearly high and recently corrected lower against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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