Manoj B Rawal
Independent Analyst
- BTC/USD broke out of a falling wedge on Thursday.
- "Death cross" still looms large.
Bulls have won the fight, at least for now, which had all the ingredients of an epic war that could have resulted in near death of the king of the cryptos, as the price of the crypto breaks out of a falling wedge pattern that has potential to take the price beyond all time high of $19,811 that was hit December last year. (Read earlier articles here and here)
BTC/USD is up more than 1 percent and flirting with the $8,000 psychological mark, having resistances around $8,155 and $8,247 levels and supports around $7,686 and $7,483 levels. As long as BTC can sustain above $6,000 mark, bulls will have an upper hand. While, on the upside bears still have "death cross" on their side to try to kill the bullish momentum. Crossing over of 200 SMA, which is at $9,600 right now, would negate any effect of death cross.
On the hourly chart the price continues to move in the upward sloping channel with higher highs and higher lows - another arsenal on the side of bulls.
BTC/USD daily chart:
BTC/USD hourly chart:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?