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.
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