Bitcoin (BTC) Price Analysis: Bullish Divergence on the 4-hour Timeframe? (19-Apr)

1:19 pm, Tue, 19 April 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $40,500 mark and is looking bullish on the lower timeframes. As mentioned in our previous analysis, the price bounced successfully from the $38,800 mark and is currently facing resistance around the $40,900 region. We can also see that the price is forming a possible bull flag on the 1-hour timeframe which means another breakout is on the cards. Let’s take a look at the latest Bitcoin charts to see what we can expect from the price in the short term.

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Analyzing the Charts

If we take a look at the 4-hour charts for Bitcoin we can see that the price tried to break above the $40,900 mark previously but was pushed down because of the high selling pressure.

The resistance around this level is still strong. If BTC manages to break above, it in the coming hours it is likely that the buying pressure will increase. The next level we will be watching in that scenario is the $42,100 mark.

The $42,100 level is a crucial region and Bitcoin needs to break above this area convincingly to resume the uptrend.

Also, if we take a look at the RSI on the 4-hour timeframe we can see a clear bullish divergence for Bitcoin.

We can clearly see that the price is forming lower highs, but the RSI reading is forming higher highs. It means that Bitcoin is currently oversold and could be already at the bottom right now.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin has started to show some bullish signs on the lower timeframes, but we would not be placing any trades yet. The level we are eyeing here is the $42,100 mark and once the price flips it as the support we will be bullish on BTC. Right now, we would wait for the price to stabilize and would not be placing any short-term trades at the moment.

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