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Bitcoin weekly price analysis – 4.2.2019

It was another frustrating week for bitcoin enthusiasts, as the price of the world’s first every cryptocurrency dropped by around 3% during last week’s trading sessions. The week began by bitcoin price dropping from $3,597 to record a week low of $3,422 on Tuesday. The bearish wave was halted near the support level around $3,462, which we identified during last week’s bitcoin price analysis. Thereafter, bitcoin price began rising recording a week high of $3,581 on Saturday. During the remainder of the week’s trading sessions, bitcoin has been mostly trading below $3,500.

Bitcoin price and the news:

The bears continued having the upper hand over the cryptocurrency market throughout last week, as the total cryptocurrency market capitalization dropped by more than 6% during the week’s trading sessions. Ethereum (ETH) price declined by over 10% hitting a low of $101, while ZCash recorded a 2.5% drop. Litecoin (LTC) was probably the only major altcoin witnessing a price surge last week, recording a rise of around 0.5%.

BitTorrent started off the week by an amazingly successful token sale, as they managed to sell all of their BTT tokens within less than 20 minutes for more than $7 million. The token sale was conducted on Binance’s trading platform, and faced very few technical difficulties.

Last Monday, Charlie Lee, the Litecoin founder, announced that litecoin is planned to add confidential transactions later in 2019. Confidential transactions will boost users’ privacy and maximize the coin’s fungibility.

Cryptopia, the cryptocurrency exchange, reported a successful hack attack leading to loss of more than $16 million worth of cryptocurrency assets. This is the second hack hitting Cryptopia within less than a week. More than 5,000 wallets were compromised during both attacks, and the platform is currently being investigated by law enforcement agencies.

New resistance forming near $3,600 on the 4 hour BTCUSD chart:

Let’s examine the 4 hour BTCUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs and the MACD indicator, as shown on the below chart. We can note the following:

BTC 4.2.1.PNG

– The week started by bitcoin price dropping down from $3,597 reaching a week bottom at $3,422. The bearish momentum slowed down as the market approached the support level near $3,462. Thereafter, the market’s bulls took the upper hand pushing price up to $3,574 on Thursday, before dropping down again to $3,462, which is last week’s support level that also prevented further drop this week.

– A week high of $3,581 was recorded on Saturday. A new resistance level is now evident near $3,600, as shown by formation of a “bearish piercing” candlestick pattern right after the week high was recorded. This price level resisted the upwards price movement twice during last week’s trading sessions.

– The Williams Alligator’s SMAs are still exhibiting a bearish alignment, with the red SMA (teeth) between the green SMA (lips) from below and the blue SMA (jaw) from above. As such, bitcoin price will most probably continue dropping during the next week towards the support level around $3,462.

– The MACD indicator is also confirming a continuation of the bearish price movement. As such, we won’t probably see bitcoin price rise before hitting support around $3,462 which has been resisting downwards price movements during the past two weeks.

Downwards sloping resistance level on the 1 day BTCUSD chart:

Now, let’s study the 1 day BTCUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the MACD indicator, and the RSI, as shown on the below chart. We will also keep the Fibonacci retracements we plotted during a previous bitcoin price analysis, which extend between a high of $7,788 and a low of $3,215.2. We can note the following:

BTC 4.2.2.PNG

– A downwards sloping resistance level can now be observed on the 1 day chart, which reflects the market’s bearish trend since the beginning of the new year. The downwards trend began as price reached the resistance near $4,290, which corresponds to the 23.6% Fibonacci retracement.

– The Ichimoku cloud is red in color, which indicates that the market will mostly be bearish during the upcoming 2-3 weeks. This is also confirmed by presence of the candlesticks below the Base Line (red line).

– The MACD indicator is bearish, confirming the signals obtained via the Ichimoku cloud. However, the RSI averaged around 40 during most of the week’s trading sessions, so bitcoin is still not oversold.


Bitcoin price witnessed another bearish week, recording a drop of around 3%. Our technical analysis indicates that bitcoin price will most probably continue on dropping during the upcoming week towards the support level around $3,462.

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