Bitcoin Price Analysis April 26th: Where will we go from here, $4K or $6K?

27 Apr, 2019 | Updated: 27 Apr, 2019
by David Borman
Price Analysis
Bitcoin Price Analysis April 26th: Where will we go from here, $4K or $6K?

After the unfortunate news and subsequent dip in the market yesterday, Bitcoin seems to have been able to hold above $5,000, and is now consolidating above $5,100. Will this be a temporary stop before more downside? Or can we use this support to push back up and erase the losses from yesterday?

Highlights:

- Despite Bitfinex news yesterday, Bitcoin's tumble wasnt too bad, held above $5,000.

- Now hovering between $5K and $5,300.

- Need to get back above $5,300 and retest to $5,500.

- Losing $5K would likely send us tumbling, but there is a support zone between $4,400 - $4,600.

Looking to the 4 hour, we can see where Bitcoin is consolidating in about the middle of the sideways channel we have dropped into. 50 MA above us could provide resistance, but in the same vein, 200 MA below us could give solid support.

Chart provided by Tradingview

Moving to the daily, we can more clearly see how should Bitcoin fall below $5,000, there isn't much support until we get down near $4,000. That being said, the 50 and 200 MA's forming the golden cross, as well as a bit of historical support, do give us a bit of a support zone starting about $4,600 down to $4,400. If there is a dip, the price may well catch here.

Chart provided by Tradingview

Bull Scenario:

Bitcoin holds here for a short while, then tests back up to $5,300. If it can get above, it then needs to keep pushing to retest $5,500.

Bear Scenario:

We break below $5K and tumble to at least $4,600. Worst case, we go all the way down to about $4K, though this is unlikely.

Ultimately it may take a few days for it to become clear which way the price wants to move. Assuming no more bad news, the support found above $5,000 may mean that the market is even stronger than we had hoped. Will it hold? Stick with Chepicap for all updates!

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