Forex analysis review

Forex analysis review

Technical analysis of BTC/USD for April 16, 2022

Posted: 16 Apr 2022 10:28 AM PDT

analytics625af5495083e.jpg

Bitcoin (BTC) Price Analysis | Trading BTC/USD

Over the past four days (12nd of April 2022), the price of BTC/USD has been falling with strong bearish momentum, resulting in a break below the 100-day moving averages lines on the hourly time frame, indicating that the bears are presently in control of the market.

BTC/USD has broken through the level of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development.

The currency has support at points $39,240 and resistance at points $41,113. The currency is assessed as technically negative for the medium long term.

Always, the Bitcoin price is prone to volatile swings; making it historically popular for traders to speculate on.

If we pull away from the immediate term macro backdrop for a moment, it should be noted that a number of bullish signs we're seeing in the market, specifically encouraging developments on the regulatory front and the continued growth of the bitcoin network.

If the price breaks below the stated support level, the most probable scenario is a collapse towards the $39,240 critical demand zone.

As of now, Bitcoin has three price ranges in the lower time frame: The first is the $41,113 - $39,240 range, which the price has already entered now, and is consolidating inside.

Psychological levels hold firm at $41,113 - $39,240 respectively.

Alternative scenario :

The bulls must break through $41,113 in order to resume the up trend. The breakdown of $41,113 will allow the pair to go further down to the prices of $42,272 and $43,208.

On the hourly chart, Bitcoin prices stabilize above key support ($39,240 ) but bulls lack direction (must be noted), however, BTC/USD follows equities, can bullish momentum bypass fundamental doubts in coming hours.

Trading BTC/USD :

Uptrend scenario :

An uptrend will start as soon, as the market rises above support level $39,240, which will be followed by moving up to resistance level $41,113. Further close above the high end may cause a rally towards $42,272. Nonetheless, the weekly resistance level and area should be considered.

Crypto industry news (Bitcoin News) :

  • Crypto Community Welcomes Musk's Twitter Bid as Obstacles Emerge.
  • Brazilian Parliament Heading for Key Vote on Crypto Regulation Bill.
  • US SEC's Proposal On 'Exchange' Definition Could Be Unconstitutional - Think Tank.
The material has been provided by InstaForex Company - www.instaforex.com

Comments

Post a Comment

Popular posts from this blog

AllBusiness.com

Image
AllBusiness.com 6 Things You Can Do Now to Boost Your Holiday E-Commerce Sales Posted: 02 Dec 2020 05:16 AM PST By Brandon Bauer For digital marketers, the holiday e-commerce season is never far from mind. But now that the calendar has turned from summer to fall, it's time to shift fully into planning mode. After all, the biggest shopping season of the year only lasts six weeks, so we had better make the most of it. As you begin mapping out your holiday strategy, keep these three things in mind: 1. Be mindful of past data If you've run holiday campaigns in the past, you already have a wealth of information at your fingertips. Before starting any planning, consult your e-commerce data from the last two years with an eye for the big takeaways. Determine what worked and what did not. Are there trends you can take advantage of? Is there something you wish you'd done differently? Look for sales spikes you might be able to antici
Read more

Do not trade options until you read this

Image
The below offer is brought to you by Evolved Trader Trading Forex, Options. Everyone and their mother wants to learn how to make boatloads of cash trading options. The options frenzy even grabbed one of my top students, Mark Croock. Mark started out as my student. He made his first million trading penny stocks with my strategies. But like so many, he was tempted by the lure of options trading. And get this... It took Mark 7 years to make his first million in the stock marke
Read more

7 Best Stocks for the Next 30 Days - Free from Zacks Investment Research

Image
The below offer is brought to you by Zacks See Them Free Until Tonight Trading Forex, As promised, Zacks has just named its 7 best stocks to break out the soonest. Why is this the ideal day to look into them? History shows that market corrections like the -19% drop in 2022 have led to new highs in the coming years EVERY SINGLE TIME. So we started with 4,400 stocks that are ranked by our unique earnings-based system. Only about 220 are Zacks Rank #1 Strong Buys . Then our e
Read more