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
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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