Technical Analysis for BTCUSD for 19th April 2022
Bitcoin Recovers as BTC Bulls Clear $40k
Past Performance of BTC
Bitcoin found a reprieve in intraday time frames during the NY session.
Despite initial fears, Bitcoin prices pulled higher above the $40k level and back into last week’s tight trade range defined by the April 11 bear candlestick.
BTC is stable at press time, adding three percent in the last 24 hours and at break even against determined sellers week-to-date.
Bitcoin Technical Analysis
The BTC bull bar of April 18 had a long lower wick pointing to buying pressure in the NY session.
From the daily chart, the recovery was stellar and buyers appear to be back in control after initial fears.
Although prices may be stable at spot rates, the snap back to bull trend and back into the April 11 trade range could trigger more demand in the short term.
Accordingly, while the move is positive, risk-averse traders can abstain until there is a total reversal of April 11 losses, giving control back to buyers.
On the flip side, provided BTC prices are above $38k, aggressive traders may load the dip, aligning with gains of April 18, with targets at last week’s highs and $42.5k in the immediate term.
What to Expect from BTC
Bitcoin is back into last week’s range as per the formation in the daily chart. Provided BTC is above $38k, the coin may print higher in the immediate term.
Resistance level to watch: $42.5k
Support level to watch: $38k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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