Bitcoin (BTC) Price Analysis (April 24)


Key Highlights       

  • Bitcoin’s price valuation has made an upward rise briefly past $7,600 distribution territory.
  • The bears are gradually getting weaker in BTC/USD trade operations.
  • BTC/USD Traders should be wary of a $7,600 mark.

Bitcoin (BTC) Price Analysis

• Major distribution territories: $8,000, $8,400, $8,800
• Major accumulation territories: $6,800, $6,400, $6,000

Bitcoin’s price valuation has made an upward rise briefly past $7,600 distribution territory during the yesterday’s trading sessions. The US dollar seems to be getting weaker as price now hovers around the price value earlier stated.

The bulls now appear in a higher buying spree, having broken northward through the last range upper point at $7,200. But, the market movements are presently converging heavily around the $7,600 value. As it is, the bears aren’t having it smoother to push against the crypto’s gradual appreciation moving mode.

Bitcoin Technical Indicators Reading

The Upper Bollinger Band has bit stretched northward. Short candlesticks are near its path. The 50-day SMA trading indicator and the Middle Bollinger Band are conjoint pointing to the north from underneath. Those indicate that the buyers are somewhat in control of the market. The Stochastic Oscillators have joined the hairs together around range 80. And, they now consolidate around it to signify an indecision trading condition of BTC/USD trade.

Conclusion

Though, there has now been a sign of seeing more ups in the market operations of BTC/USD. Also, the crypto-market may experience a line of corrections downward averaging a low mark at $7,200 before regaining the strength to further the journey to the north. A bearish pressure may occur at a $7,600 spot. And, it may not be ideal for a long position trading psyche.

 

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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