Bitcoin Price Analysis – April 23

  • The bulls have overcome the resistance at $8,500, and are attempting to jump over the hurdle at the resistance of $9,000. Then, it will likely reach the $10,000 high.
  • The bullish trend line can be used for trading. When the price retraces from the recent high and touches the trend line, this is a signal for you to place a long trade.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $9,100, $9,050, $9,000

Support: $8,800, $8,850, $8,900

Last week, Bitcoin price stabilized above the $8,000 mark after the breakout at the $7,500 resistance the previous week. Bitcoin price had been fluctuating in the range of $8,000 and $8,500 for the past week. On April 20, the price tested the resistance at $8,500 and was resisted by the bears. The BTCUSD pair went into a range bound movement and later broke the resistance at $8,500.

Presently, Bitcoin is trading at $8,884.00 at the time of writing. However, from the weekly chart, Bitcoin is in a smooth uptrend. The bullish trend line with pointed arrows shows us the support levels where traders can place their long trades. In the same vein, you can use the trend line to trade. When the price retraces from the recent high and touches the trend line, this is a signal for you to enter a long trade.

Meanwhile, the RSI period 14 is level 37 which indicates that the market is nearing the oversold condition, which will bring more buyers into the market.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chart

In the daily chart, Bitcoin price is in a range bound movement. At $8,850, the bulls took the price to the $9,000 high and were resisted by the bears. Then the price pulled back to the $8,850 low. From the $8,850 low, the bulls retested the resistance level, the second and third times without success. Now the price fell to the $8,800 low and commenced a range bound movement.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.