Bitcoin (BTC) – Price analysis – Breathing in a sideways trend

After testing the 8,000 euro mark, the price moved in a sideways trend. A slight uptrend or a triangle pattern was passed, but this uptrend was broken in the night of April 30th. The price could rebound at the support described by the plateau from April 20 to 23 and is currently struggling with the EMA50.

The news spy price fell slightly this week

After an attempt to break the upward trend that had been pursued since mid-April, the price bounced off it and onlinebetrug tested the scam exponential moving average EMA50. Overall, the news spy price is rather bearish. The most important support and possible stop loss is 7,359.50 euros, the first interesting resistance and thus the first target 7,620.99 euros.

Yesterday’s rather mixed assessment is confirmed: The Bitcoin price fell by 5 percent on April 30. For the average Hodler this disappears in the noise. In any case it is certain that the plateau of the last days, which was 7,620.99 euros, was broken through. In the short term, the price even dropped below the exponential moving average EMA50, but bounced off the support described by the April 27 minimum. This minimum is at the same level as the former resistance of the triangle pattern mentioned last week.

The MACD (second panel from above) is still positive, but strongly falling and is about to test the zero line. Accordingly, the MACD line (blue) is below the signal (orange). The RSI is at 43 and therefore bearish.

Overall, the impression is bearish according to the price, trend and indicators

Support and Resistance
The first support is 7.359,50 Euro and is described by the minima of April 27th and May 1st. These are at the level of the resistance of the triangle pattern discussed last week or the plateau passed from April 20 to April 22. Another support is described by the EMA 100 at currently 7.192,17 Euro.

The first resistance is at 7,620.99 Euro and thus at the level of the broken upward trend. If the price should overcome this level, a further Resistance would be described by the monthly maximum of April with 7.995,00 euro.

Entry Points, Stop Losses and Targets
The latest bounce of course invites you to a long position. Stop loss would then be at the level of support at 7,359.50 euros, first target at 7,620.99 euros and second target at 7,995 euros. Of course, the stop loss has to be trailed when the first target is reached again.

If the price falls below the stop loss, one has to look out for a possible re-entry point. Should the price at the support bounce at the level of the EMA100 at 7,192.17 Euro, this would again be a good moment for a re-entry. The mentioned support would then be a good stop loss, targets would be at 7.359,50 Euro, 7.620,99 Euro and 7.995,00 Euro.

Disclaimer: The price estimates presented on this page do not represent recommendations to buy or sell. They are merely an assessment of the analyst.