Bitcoin (BTC) Price Analysis (April 21)


Key Highlights

  • BTC/USD market operations have prolonged trading in a choppy formation around $7,200 and $6,800 values.
  • The bears haven’t run out of their forces in the BTC/USD market.
  • BTC/USD may still see ore lines of lower lows and lower highs around range trading zones at $7,200 and $6,800 points.

Bitcoin (BTC) Price Analysis

• Major resistance levels: $7,600, $8,000, $8,400
• Major support levels: $6,400, $6,000, $5,600

Around April 7 until the present, BTC/USD market operations have prolonged trading in a choppy formation around $7,200 and $6,800 values. In the recent past, the US dollar had had an upper hand over the worth of Bitcoin’s price.

It has now keenly observed that the upper range mark at $7,200 has tended to remain the first resistance price level of BTC/USD trade between April 12 and until now. And, that has led to allowing the BTC/USD bears to slightly regain and push a bit more conveniently below the lower range line at $6,800 mark.

Bitcoin Technical Indicators Reading

Visibly, all the trading indicators now move in flaps. The 50-day SMA trend-line basically trends within and around the major range trading zones of the market. The Bollinger bands as well move separately around the range spots to point to the east direction. And, all that affirm the current range trading outlook of the crypto-fiat pair. The Stochastic Oscillators have with little force moved downward. And, they now briefly point southward a bit below range 40. That’s an indication that the bears haven’t totally run out of their forces in the BTC/USD market.

Conclusion

There are indications supporting that Bitcoin market as paired with the US dollar will still witness more lines of lower lows and lower highs around range trading zones at $7,200 and $6,800 points. Expectantly, in the meantime, the BTC/USD bulls will have to garner momentum between the $6,800 lower line and the immediate major support level at $6,400.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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