• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin Price Technical Analysis for 04/19/2016 - Still Stuck in a Wedge!
Nexo Logo

BTC Price Tech Analysis for 04/19/2016 – Still Stuck in a Wedge!

newsbtc by newsbtc
6 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin Price Key Highlights

  • Bitcoin price has been gradually trending higher but it seems that bulls are running out of steam.
  • Price has been stuck inside a rising wedge consolidation pattern for quite some time and a breakout might take place soon.
  • Bitcoin price got rejected on a test of resistance and is on its way to test support near the moving averages.

Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum.

Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Also, RSI appears to be moving back up but is currently on middle ground. This could be a sign that the consolidation might simply carry on, keeping bitcoin price safely inside the wedge formation.

Bitcoin Price Technical Analysis for 04/19/2016 - Still Stuck in a Wedge!

Market Events

Risk sentiment has flip-flopped recently, which explains the tight consolidation in bitcoin price. Over the weekend, the Doha meeting failed to produce a deal to cap oil output, triggering risk-off moves that weighed on bitcoin early Monday. However, reports of a strike among Kuwait’s oil industry employees leading to a massive drop in production eased supply glut fears.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Without any top-tier reports lined up from the US economy this week, there’s a strong chance that the consolidation could continue. Traders might be holding out for the FOMC statement which is scheduled for next week, although no actual policy changes are expected for the time being.

Still, market participants might consider pricing in a less upbeat outlook from the Fed given how last week’s data set turned out mostly weaker than expected.

Charts from Bitstamp, courtesy of TradingView

Tags: bitcoin pricebitcoin signalsbitcoin technical analysisbitcoin tradebtcusd price
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Bitcoin

TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

3 mins ago
El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

4 hours ago
Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

8 hours ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

10 hours ago
Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

13 hours ago
Bitcoin

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

24 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Can Gnox (GNOX) become a crypto giant like Cardano (ADA)?

May 19, 2022

Terra (LUNA) and Binance (BNB) Experienced a Terrible Week While Presale Crypto Chronoly (CRNO) Is Flying High

May 19, 2022

3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

May 19, 2022

SFUND To Be Listed On The Leading Global Crypto Exchange Huobi Global

May 19, 2022

Diversify your crypto portfolio with Pac-Man Frog (PAC), Monero (XMR), and Aave (AAVE)

May 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.