Bitcoin Price Analysis – April 24

  • The bulls have successfully overcome the resistance at $8,500 and the resistance at $9,000 and they push further to revisit the highs of $10,000 and $11,000.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $9,500, $9,400, $9,300

Support: $8,900, $9,000, $9,100

Yesterday, April 23, the BTCUSD pair has remained steady at $8,900 after the breakout at the resistance of $8.500. In the other words, Bitcoin was in a range bound movement at that price before the breakout at the resistance of $9,000. The BTCUSD pair is currently trading at $9,207.93  as at the time of writing.Today, Price of Bitcoin is still in a bullish market.

The major moving averages, the 50-day moving average, and 20-day moving average are trending north in favor of the bulls. As the price reached the $9,200 mark, price of the asset tends to consolidate for further price rise.  Price is expected to test the $9,784 price level and possibly revisit the $10,000 mark.

Traders ought to take partial profits in between these levels with their long trades. As the bullish trend progresses, we should watch out for price retracement along the bullish trend line. All the pullbacks on the trend line are support levels where traders can place long trades.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chart

In the daily chart, as we can see, price of Bitcoin is ranging at the level of $8,900 before the breakout at the resistance of $9,000. Price broke that level and commenced a range bound movement at $9,200 price level. Meanwhile, the relative strength index is period 14 is level 47 which indicates that price is in the range bound zone.

 

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