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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) :
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