Bitcoin Technical Analysis

Technical Analysis of BTCUSD April 12, 2019


Rising institutional investment into Bitcoin and blockchain related projects result in an increase in speculative adoption, as we enter Q2 ’19. The overbought nature of the number one cryptocurrency currently shows a sharp price decline on the intraday level, which also indicates oversold setups on major technical indicators. Come along as we dive into price and trend deciding patterns of the BTC.

If you are interested in seeing previous Technical Analysis, don´t forget to check out these articles:

Technical Analysis of BTCUSD April

BTCUSD: Monthly Chart

Technical Analysis - BTCUSD Monthly Chart

The formation of double bearish accumulation signaled on December ’18 and January ’19 was anticipated to follow a similar path as the pattern triggered on September and October ’18. On the contrary, that was not the case as a bullish accumulation pattern shifted the trend to bullish on March ’19, fixing up a bullish support level at 3767.0. Price at the moment hovers above the 4384.0 and 4218.0 levels and there’s a high likelihood of price closing beyond these levels.

BTCUSD: Weekly Chart

Technical Analysis - BTCUSD Weekly Chart

A swift rush in price that cut through a bearish accumulation in Q4 ’18 launches the beginning of a bullish trend as the trend backtracked and resumed by the firing of a bullish accumulation on the 25th of February. The Bitcoin price has so far risen by 37.87% following an unexpected breach of a critical resistance level of 3882.0 triggered by a bearish accumulation pattern on the 14th of January.

BTCUSD: Daily Chart

Technical Analysis - BTCUSD Daily Chart

Hidden divergence patterns are great at showing trend continuations. From the above chart, two bullish hidden divergence patterns in succession with a bullish accumulation pattern were triggered on the 16th of March and the 29th following a bullish Fakey pattern on March 5th. At a 4.02% risk from the divergence pattern and attaining a 33.4% price increase, the pair broke below a bullish accumulation pattern on the 11th of Apr indicating weakness of intraday bullish trend.


Technical Analysis - BTCUSD 4 Hour Chart

Persistent bulls force the Bitcoin price to close above important resistance levels on the 31st of March and the 2nd of April. A breakout of bearish accumulation on the 2nd of Apr, 20:00 and triple bullish accumulation on the 5th of April, 08:00 added extra growth to the value of the BTC.

A bearish Fakey pattern on the 10th of April, 20:00 triggered a sharp decline of the BTC price. At press time, a breakout of bearish accumulation on the 12th of April, 08:00 shows the path to a bullish trend continuation.


BTCUSD 1 Hour Chart

An intraday viewpoint of the BTCUSD as shown above started by a breakout of bearish accumulation on the 14th of April for an approximate 2.3% price gain. On the 15th of April, the bears repaid the move by a decline of bullish accumulation support, building resistance at 5200.00, as price went an extra step to break into the support of the 14th of April at 5054.8. Coming to the end at the 15th of April candle, the pair continued to show accumulation of bullish pressure with strong support at 4997.0 indicating a bullish opportunity.

Major Resistance Levels of Bitcoin (BTC)




5373.9, 5488.0






8506.7, 7788.0, 7429.2

Major Support Levels of Bitcoin (BTC)


5054.8, 4977.0, 5052.9


4071.0, 4112.0, 4172.0, 4745.0, 4834.0, 4992.6, 4934.7


3767.0, 3939.0, 3948.4, 4842.2, 4960.2


3215.2, 3405.3, 3761.2, 3882.0


3215.2, 3767.0, 4218.0, 4384.0

Conclusion and Projection

Despite an overextended bullish trend, buyers from an intraday viewpoint are observed to retrace the trend prior to resuming in the upward direction. Therefore paying attention to rejection of bearish accumulation resistance levels will lead the way to entering long positions. We project the pair to attain a long term target of 7788.0.

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