Bitcoin (BTC/USD) Price Aims to Breakout at $42,500
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Bitcoin Price Prediction – April 20
There has been an upward momentum gathering in the BTC/USD trade activities as the crypto-economic price aims to breakout at $42,500 resistance. The finance book of records currently has market trades between $42,135 and $41,299 at a positive percentage of 1.31.
BTC/USD Market
Key Levels:
Resistance levels: $42,500, $47,500, $50,000
Support levels: $37,500, $35,000, $32,500
BTC/USD – Daily Chart
The BTC/USD daily chart shows the crypto-economic market price aims to breakout at the $42,500 trading resistance level. The 50-day SMA indicator is closely above the value point over the 14-day SMA indicator, which is also not far off them. The bearish trend line drew southward to markdown the value-line in question to serve as a barrier trading zone to the upside. The Stochastic Oscillators are pointing northbound. And the blue line has touched the range at 80 from underneath. It means a degree of upward momentum is ongoing gathering.
Will there be more sustainable ups beyond the $42,500 resistance level as the crypto-economic price aims to breakout at the point?
It may not sound safer to begin launching a sell order against the current upward momentum gathering as the crypto-economic price aims to breakout at $42,500 resistance. However, entering new orders around the value-line could be a late ordering of positions. And that can result in getting trapped by bears in no time. Longing positions opened below the point at $40,000 psychological trading line may allow for a while with some of the profits trailed if not protected by exercising a breakeven approach.
On the downside of the technical analysis, the BTC/USD market short-position takers have to wait for an overbought-reading of a trading condition before getting a decent entry using the daily chart. With the positioning outlook of the Stochastic Oscillators, buying spree may linger on for a while without leaving a reliable chance for a sell order, especially if the $42,500 breaches out. Days may have to pass by again before the market can resist at a higher trading spot. The emergence of a bearish candlestick will have to occur to put sellers on a safer mode afterward.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart has revealed the crypto-economic price aims to breakout at the $42,500 resistance level. A bullish candlestick has formed, breaking northwardly past the trend line of the bigger SMA. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region. And their lines have conjoined for a consolidation moving mode within it. Buying force tends to prevail further over the weakness of the BTC/USD market bears for some time in the subsequent sessions.
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