Bitcoin Price Prediction – April 23
The BTC downs below the SMAs, after briefly surging past the $42,500 resistance trading line in the recent operations. Price is currently trading between $39,937 and $39,362, representing high and low trading zones. The BTC/USD market operations percentage is a minimal negative of 0.27.
Resistance levels: $42,500, $45,000, $47,500
Support levels: $37,500, $35,000, $32,500
The daily chart reveals the BTC market downs below the SMAs in the descending triangular shape. The 50-day SMA indicator is above the 14-day SMA indicator within the trading shape. The SMAs and the bearish trend line are at the $42,500 resistance trading level, indicating the value-line as the vital point that will stand against upward forces in subsequent sessions. The Stochastic Oscillators are positioning southbound from the range at 80, closely above the 40 range.
As the BTC market downs below the SMAs, will the crypto-economic price push lower to the $37,500 support level afterward?
Currently, the crypto trading activity suggests that a degree of falling force is ongoing as the BTC downs below the SMAs. Therefore, the price may have to push down further toward achieving some lower measurement of trading psyches before getting ideal support to make a rebound afterward. A long-holding of a trading position based on the current threshold force to the downside will potentially drawdown to the $37,500 support point afterward.
On the downside of the technical analysis, the BTC/USD market short-position takers have to increase efforts by pushing down from the psychological trading zone of $40,000 level. As it has been, the trading level at $37,500 will serve as the critical zone to getting more free fall-offs while bears have to extend their stances in the crypto business operations.
BTC/USD 4-hour Char
The medium-term chart shows the BTC downs below the SMAs. The bearish trend line and the horizontal line drawn are to ascertain that the market still keeps a descending triangular pattern. The 50-day SMA indicator is closely above the 14-day SMA indicator within the trading pattern. The Stochastic Oscillators are in the oversold region, moving in a consolidation manner to indicate that a falling force is yet to play out in exhaustion fully. However, a sudden rebound may resurface beneath the $40,000 level in no time to put the crypto economy back to the line of the upsides.
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