BTCUSD SIGNAL 20-04-22 : Why Bitcoin Price Eyes Crucial Upside Break Above $41.5K.

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BTCUSD SIGNAL

BTCUSD SIGNAL 20-04-22 : Why Bitcoin Price Eyes Crucial Upside Break Above $41.5K.

  • Bitcoin started a decent recovery wave above the $41,000 and $41,400 levels.
  • The price is now trading above $41,000 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $41,500 resistance and $41,800 to start a major upward move.

Bitcoin price formed a base above the $40,000 level. BTC started a decent recovery wave and was able to clear the $41,000 resistance zone.

BTCUSD SIGNAL : The price remained in a positive zone and climbed further above the $41,400 level. It even spiked above the $41,500 resistance and settled above the 100 hourly simple moving average. A high was formed near the $41,825 level and the price is now consolidating gains.

Bitcoin is trading well above the 23.6% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high. There is also a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair.

BTCUSD SIGNAL : An immediate resistance on the upside is near the $41,500 level. The next key resistance could be $41,800. To start a strong upward move, the price must settle above the $41,500 zone and then clear $41,800. If the bulls succeed, the price could rise towards the $42,500 resistance zone. Any more gains might call for a move towards the $43,200 level.

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