BitcoinShort
The next move of BTC/USD - 25.04.22 ?
Bitcoin price set up an ascending parallel channel on a three-day time frame after connecting the three swing highs and three swing lows since January 13. The last two times BTC dropped lower, it tagged the 200 three-day Simple Moving Average (SMA) and bounced off aggressively.
Bitcoin price slowly descends below the 200 three-day SMA, indicating a lack of buying pressure. Bitcoin price has slid below a crucial support level slowly indicating that the sellers are overwhelming the buyers into a slow death.However, this time, BTC is slowly breaching the said SMA and is heading close to the ascending parallel channel’s lower trend line.
Until a breakout from the lower trend line, the setup is bullish and could see Bitcoin price bounce from it. The resulting upswing could see BTC retest the 50-day and 100-day SMA at $42,074, $41,076. Clearing these hurdles could see the big crypto push toward the yearly open at $46,198 and in some cases, the $50,000 psychological level.
Maintaining a significant $ 39,000 support zone is crucial right now, and determines the continuation of the decline to lower support levels at
$ 36,000 to $ 33,000. But due to the saturation of sales in different time frames, I imagine the possibility of a slight rise.
Bitcoin price slowly descends below the 200 three-day SMA, indicating a lack of buying pressure. Bitcoin price has slid below a crucial support level slowly indicating that the sellers are overwhelming the buyers into a slow death.However, this time, BTC is slowly breaching the said SMA and is heading close to the ascending parallel channel’s lower trend line.
Until a breakout from the lower trend line, the setup is bullish and could see Bitcoin price bounce from it. The resulting upswing could see BTC retest the 50-day and 100-day SMA at $42,074, $41,076. Clearing these hurdles could see the big crypto push toward the yearly open at $46,198 and in some cases, the $50,000 psychological level.
Maintaining a significant $ 39,000 support zone is crucial right now, and determines the continuation of the decline to lower support levels at
$ 36,000 to $ 33,000. But due to the saturation of sales in different time frames, I imagine the possibility of a slight rise.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.