Bitcoin (BTC) Price Analysis: Analyzing the Weekly Charts (15-Apr)

1:24 pm, Fri, 15 April 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $40,000 mark and is struggling to gain momentum on the lower timeframes. The price has been trading within the $40K zone for the past few days as bulls are trying to hold this region during this sell-off. Right now, the support level we are watching for Bitcoin on the lower timeframes is the $39,600 mark. It seems likely that the price will break below it in the coming hours as it is not showing any signs of a bounce at the moment. Let’s take a look at the 1-week charts for Bitcoin to see where the price is headed in the coming weeks.

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Analyzing the Charts

On the weekly charts, we can see that the price faced strong rejection around the $47,000 region and has been closing bearish candles since then.

We can also see that the price is holding this crucial trendline support that it broke out of last month.

It is vital for Bitcoin to close the current weekly candle above this trendline support. If the candle closes below this level, we can expect a further sell-off.

On the other hand, we can also see that Bitcoin has just had a crucial crossover of the 50-MA and 20-MA.

Both these averages are quite crucial. When the 50-MA gets above the 20-MA historically we have mostly seen bearish days for Bitcoin. That is why we will be trading with caution and would not be placing any long trades at the moment.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading in a critical zone and could go either way in the coming days. We are already approaching the weekend so the price will likely drop further. If Bitcoin manages to break below the levels mentioned above, it will be heading towards a further correction. However, if the price bounces back during the weekend it would be a very good sign for BTC.

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