Technical Analysis for BTCUSD for 21st April 2022
Bitcoin May Rally to $48.3k, Reverses from a Key Fibonacci Level
Past Performance of BTC
Bitcoin is printing higher highs when writing, reversing last week's losses. Currently, the coin is up five percent in the previous trading week. It could also blast above April 11 highs, canceling the bear breakout of early last week. Based on the layout in the daily chart, buyers have the upper hand. However, a close above immediate liquidation level is required for a clear trend definition.
Bitcoin Technical Analysis
BTC found support at the 61.8 percent Fibonacci retracement level of the Q1 2022 trade range before printing higher to spot rates. The level is a vital reaction point. Historically, reversals from such levels may see prices retest the swing high, which is around $48.3k. Accordingly, Bitcoin risk-off traders may search for entries, especially if there is a conclusive, high volume close above the trend-defining April 11 bear candlestick. In that case, BTC could quickly explode above $44k towards $46.5k and later $48.3k as buyers resume the primary trend.
What to Expect from BTC
Bitcoin prices are bouncing from a critical reaction point and may likely inch higher as the upside momentum develops. Based on the BTCUSDT technical analysis, the upside has the backing of traders. As such, the coin may unwind the losses of early last week as BTC's fortunes change.
Resistance level to watch: $42.5k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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