Bitcoin (BTC) Price Analysis (April 22)
- Bitcoin continues struggling to recover in a range formation of around $7,200 and $6,800 marks.
- BTC/USD bulls now appear to be regaining momentum around the $6,800 lower range price line.
- A bearish reversal of the pair’s price may potentially set the crypto’s uprise to the northbound.
Bitcoin (BTC) Price Analysis
• Major supply zones: $7,600, $8,000, $8,400
• Major demand zones: $6,400, $6,000, $5,600
The price worth of Bitcoin continues struggling to recover in a range formation of around $7,200 and $6,800 marks. The US dollar has continued lowering the crypto’s value from the upper range point to around the lower range line as earlier mentioned.
The BTC/USD bulls now appear to be regaining momentum around the $6,800 lower range price line. A break downward at that point will lead the crypto market to locate a sit around $6,400 demand zone. In the meantime, the price has been trading in the middle of range zones.
Bitcoin (BTC) Technical Indicators Reading
As at the time of writing, most of the trading indicators trend towards the east direction. The 50-day SMA has briefly crossed the Middle Bollinger Band to the south as they both point to the east. That signifies the pace at which the BTC/USD market ranges in its current price moves. The Stochastic Oscillators have touched range 20. They have crossed the hairs towards pointing to the north to signal an upswing.
Since April 16, after the emergence of a second 4-hour candlestick, BTC/USD market has been significantly moving in range zones. In a while, the crypto-trade may continue to keep on with the present trading trend until a couple of trading days’ sessions. Three key price points at $7,200, $6,800 and $6,400 are instrumental in determining the next definite direction of the BTC/USD trade. Meanwhile, a bearish reversal of the pair’s price from the immediate demand zone may potentially set the crypto’s uprise to the northbound.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
Published at Wed, 22 Apr 2020 20:06:27 +0000 Bitcoin (BTC) Price Analysis (April 22)