Weekly Bitcoin Price Analysis: Do Bitcoin Bulls Wait on Sidelines Before Entering Higher – Week 16 (2019)

Bitcoin price analysis Week 16 2019

While many analysts expect Bitcoin to pull back before entering higher positions, the bulls remain steady above $5,000. Can the rally continue?

Just hours after last week’s price analysis was written, Bitcoin yet again reached a new milestone.

The coin seems to be doing well in these past couple of weeks, and we can only hope it will stay that way.

The success of Bitcoin does not mean the chart displays a steady line but the exact opposite.

Once again, Bitcoin had a dynamic week and regular highs and lows could be spotted.

While the majority of Bitcoin experts are waiting for the coin to pull back towards lower positions before entering new higher ones, Bitcoin bulls do not give in.

As of now, Bitcoin seems steady above the $5,000 line and most of the technical indicators crossed over at the bullish territory.

Still ranked #1 on the list, Bitcoin reached a dominance of 52.4 percent. Bitcoin’s market cap reached $92.5 billion in the past week, and the total market cap reached $176.7 billion.

At the time of writing, Bitcoin’s price is at $5,243 against the U.S. Dollar.

Bitcoin Price: Weekly Chart

Although Bitcoin generally had a solid week, it still is at a critical point.

The price of the world’s most popular cryptocurrency effectively climbed at a level far enough away from the bearish zone that currently can be found at $3,150.

This rally gave the bulls a boost of confidence that the worst has passed and now it is time for new victories.

However, Bitcoin still cannot break out the $6,000 line, which puts the coin in a detracting juncture.

Since such a breakout would confirm the bear market is over, Bitcoin’s price is still likely to change, move upwards or witness a major drop.

In our recent Bitcoin price analysis, we stated that the coin started targeting new highs.

This might have been a scenario a week ago, but right now Bitcoin seems like it only tries to maintain trading above the $5,000 area.

For the past week, Bitcoin’s price oscillated and changed as usual.

Many highs and lows can be seen on Bitcoin’s weekly chart, only proving the coin’s uncertainty.

As mentioned, just hours after we published our last weekly price analysis, the Bitcoin bulls gained traction and managed to reach an exact price of $5,417 on Wednesday, April 10.

This price ultimately made the highest point of the week. From then on, the price of Bitcoin varied mainly in the $4,900 to $5,200 zone.

Such variations show that Bitcoin again retested lower levels of support as it went below the $5,000 line.

Bitcoin charts screenshots.

Following the breach, a lot was expected. Some experts believed the coin is headed for new higher areas for settlement.

This put $6,000 back in store for Bitcoin until everything changed for the worse.

Another week in a row, the weekends are not a good time for both the traders and for Bitcoin.

Unlike before, when the currency usually surged during the weekend, the Bitcoin bulls again failed to do so.

The price dropped significantly, even moving below the $5,000 line.

On Friday, April 12, the price of Bitcoin could be found at $4,972 against the U.S. Dollar. Unsurprisingly, this made the coin seek new support levels from under, which is found at $4,800.

From above, the nearby resistance lied at $5,100. The price of $4,972 marked the lowest point in this week’s price roundup.

Bitcoin charts representing the Bitcoin price screenshot.

Luckily, several hours after the fall, Bitcoin bulls regained power and once again crossed over in the $5,000 zone.

From that point up until now, the price has not dropped below the $5,000 line and all we can do is hope for the coin not to revisit old positions again.

On Monday, April 15, Bitcoin’s price was found at $5,026. Since this price is extremely close to the line, lower resistance levels were tested.

Bitcoin is currently ranging at $5,243. At this moment, powerful moves are anticipated.

Bitcoin Price: Daily Chart

Looking at Bitcoin’s daily chart, we can notice normal oscillations considering all of the weekly changes in the price.

According to the signals, the relative strength index pointed down following the drop that happened on Friday.

However, a chance for improvement started to manifest, and that is exactly what happened with the daily RSI.

For this past week, the relative strength index was very close to the territory of overselling.

The daily trading volume still is insufficient, but the fact that the volume of sellers is smaller than the volume of buyers suggests potential positive changes.

Bitcoin chart representing the Bitcoin price screenshot.

Bitcoin Price: 4-Hour Chart

On the hourly chart of the BTC/USD pair, an essential bearish trend line around the resistance of $5,110 is forming.

Although this means the pair might struggle on the short term, the bulls do not give up and remain in control above the $4,900 area.

Right now, Bitcoin’s price is facing a 100 hourly simple MA (moving average) and a strong resistance near the level of $5,090.

According to the four-hour chart, the hourly RSI for the BTC/USD pair showed a recovery above the level 40, even though it is still below 50.

The hourly MACD is moving back into the bullish zone.

The major resistance levels can be found at $5,090, $5,110 and $5,190, while the major support levels followed by $4,940 remain at $5,000.

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