Bitcoin Forecast And Analysis For 16th April: Out Of Buy Area, Climbing Back To 5400

This weekend the price has climbed further out of the buy area it fell into at the end of last week. A small consolidation (sideways movement) did take place on Saturday but on Sunday the price broke out of this and is now just above at 5164.

At the time of this writing, the bitcoin course was equal to $5165 and the market capitalization was $91 billion.

Like the rise out of the buy area seen last week, this breakout of the consolidation hasn’t been very strong, which could indicate another decline is on the horizon. If another decline takes place it’ll probably break the upper green buy area, since that’s now failed to cause a major rise.

It’s too early to tell now if that’ll happen, so we’ll have to monitor the situation closely. If the price does break the upper green area watch the blue area below, as that’s the next most likely place for it to reverse. If it continues to rise a small will probably occur 5400, so keep that in mind.