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Bitcoin (BTC) Price Analysis — April 12 Bearish

Bitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $5,000, $4,800, $4,600

From the daily chart, and on April 10, the bulls tested the $5,400 resistance level and were resisted. Yesterday, the crypto’s price had a downward correction as the price fell to the support of the 12-day EMA. Today, the downward correction is ongoing. The crypto’s price is testing the support of the 12-day EMA.

On the downside, if the bearish trend continues, the bears will break the 12-day EMA support level.  Also, the $5,000 price level will be broken. The implication is that  theprice will fall to the next support level at $4,800 price level. On the upside, if the 12-day EMA support level is held, the bulls will resume its bullish trend to revisit the previous high of $5,400 price level.

Meanwhile, the stochastic indicator is at the overbought region but below the 80% range which indicates that the crypto is in a  bearish momentum and a sell signal.

BTC/USD Short-term Trend: Bearish

Bitcoin Chart by TradingView

On the 4-hour chart, the price of Bitcoin is in a bearish trend. In the lower time frame, the bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The crypto’s price fell to a low at $5,056.20 and commenced a range bound movement.

The bulls and the bears are undecided about the direction of the price. On the upside, if the bulls break above the EMAs, the crypto’s price will rise to resume its bullish trend. On the downside, if the bearish trend continues, the price of Bitcoin will fall to the $4,800 price level.

Meanwhile, the stochastic indicator is at the oversold region but above the 20% range which indicates that the crypto is in a bullish momentum and a buy signal.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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