Caught in a sideways range for the short term

Bitcoin (BTC): After a massive price increase, Bitcoin is trending sideways in the short term

BTC rate: $46,012 (previous day: $46,223)

Short-term resistances/goals: $46,711, $47,384, $48,242, $49,532/$49,780

Short-term supports: $46,521, $46,246, $45,772, $45,186, $44,444

Bitcoin daily forecast:

• After bitcoin closed the price gap from the bitcoin futures CME chart at $44,780 on April 1, 2022, the bulls came back to the market on time.
• The relevant trading range in the hourly chart can be seen between USD 44,238 and USD 48,242.
• At the time of writing this analysis on Tuesday, April 5th, Bitcoin appears to be capped near the horizontal support line ($46,521) in the near term.
• Current profit-taking on the classic financial market is also weighing on price development.
• The BTC price is therefore wedged between the lower and upper Bollinger band for the time being.

Bullish Scenario:

• In the last hour of trading, bitcoin is in a bit of reverse gear, falling back below the EMA50 (orange) at $46,386.
• In the event of rising Bitcoin prices, the first thing to do is to overcome the cross-resistance from the red downward trend line and the 61 Fibonacci retracement at USD 46,711 per hour closing price.
• This puts the area around yesterday’s daily high in the orange resistance zone at USD 47,384 as the first target area. Here, the upper Bollinger Band should act as resistance on first contact.
• A breakout above the orange resist area activates the area around the history high at $48,242 as the maximum daily target.
• If, contrary to expectations, a dynamic breakout above the red resistance zone occurs in the next few hours of trading, the purple area around the 138 Fibonacci extension at USD 49,780 would come into view.

Bearish Scenario:

• A short-term relapse to the cross-support from the supertrend and 50 Fibonacci retracement at USD 46,240 is unproblematic from a buyer’s perspective.
• The EMA200 (blue) at USD 46,054 runs slightly below this.
• Today’s maximum price target on the downside is found in the zone around yesterday’s daily low of $45,180. The 23 Fibonacci retracement also runs here.
• A price pullback below this support is considered unlikely.
• Already at the 38 Fibonacci retracement at USD 45,772, increased resistance from the buyer side can be expected.
• Only an hourly close below this support area would make further price drops in the direction of the monthly low at USD 44,235 likely in the short term.
• The fresh sell-signal in the MACD indicator and a falling RSI speak in favor of this scenario.

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

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.91.