This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 20th April 2022

Bitcoin Defying Gravity, but will BTC Clear $42.5k?

Past Performance of BTC

Following gains of April 18, Bitcoin bulls added to their longs yesterday, pushing prices above the $41k level. Based on the formation in the daily chart, BTC bulls may find support in the short term. Still, since BTC prices are inside the trend-defining bear bar of April 11, traders may have to wait and check how prices react at April 11 high. A comprehensive close above this mark may be the base for possibly another swing towards $44.5k or better in the short term.

Bitcoin Technical Analysis

Bitcoin has support at spot rates as BTC trades at a one-week high, above a $2k range. The current formation seems to favor bulls though sellers are technically in control from an effort versus result perspective. Aggressive traders may load on dips as long as prices are above $39k, with targets at $42k in the short term. Further gains may offer entries for risk-averse traders targeting $44.5k and later $48.5k. If not, and prices cool off below $39k, BTC may slide to $38k and $33k in a bear trend continuation pattern.

What to Expect from BTC

Bitcoin is inching higher after a six-day sideways movement inside the April 11 bear bar. Even though bulls are confident, sellers are in control, provided BTC is below $42.5k.

Resistance level to watch: $42.5k

Support level to watch: $38k

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020