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    Home»Analytics»Bitcoin (BTC) slips above $41,000
    1649940591 92adfdb95844f4d2506834d287011315c9cdd707
    Analytics

    Bitcoin (BTC) slips above $41,000

    AdministratorBy Administrator14.04.2022No Comments3 Mins Read
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    Reading time: ~2 m


    Bitcoin has been rising since April 11 and recovered above the $41,000 area on April 14, however, the long-term trend BTC still remains unclear.

    Bitcoin (BTC) formed a local high of $48,189 on March 28, and sank to a local low of $39,200 on April 11.

    The next day, the price rebounded and managed to reach $41,561.

    The key resistance is located in the area of ​​$42,250. This is the area of ​​horizontal resistance and the Fibo level of 0.382 correction. There is also a descending resistance line in this area, which has been present on the chart since February.

    First, on March 21, the BTC price made a bullish breakout of this line, but failed to turn it into support, and on April 6 it went below it again. Now this mark can again act as resistance.

    Bitcoin BTC slips above 41000

    Source: Trading View

    Oversold indicators

    The technical indicators on the 6-hour chart are giving extreme oversold signals on the RSI and MACD.

    The RSI has not been this heavily oversold since January 24 (green circle).

    The MACD is also deep in the red zone and is giving a bullish reversal signal (green icon).

    When both of these signals appeared the previous time, BTC launched a massive bull run, the magnitude of which was 40%.

    Bitcoin BTC slips above 41000

    Source: TradingView

    On the 2-hour chart, BTC has already made a bullish breakout from the ascending parallel channel and turned it into support (green icon).

    This is considered a signal of a bullish trend and may lead to further price growth.

    However, it is extremely important for Bitcoin to first break through the $42,250 area in order for the trend to be considered bullish.

    1649940590 255 Bitcoin BTC slips above 41000

    Source: TradingView

    wave analysis BTC

    Results of the long-term wave analysis indicate the likelihood of price growth towards the $50,000 area. However, first BTC may form another short-term low.

    If the decline continues (red), the market may reach a low around $38,000. This will test the upside parallel channel support line and complete a longer-term correction (black).

    1649940590 565 Bitcoin BTC slips above 41000

    Source: TradingView

    Short-term analysis suggests that BTC may complete sub-wave 4 (yellow) around the $42,250 resistance area we identified earlier, before the price starts the final phase of decline.

    Thus, the bottom is probably already close.

    1649940590 225 Bitcoin BTC slips above 41000

    Source: Trading View

    Disclaimer

    All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.




    #Bitcoin #BTC #slips

    Bitcoin BTC slips
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