Bitcoin Price Prediction โ April 16
Trading activities in BTC/USD trade have come in a range-bound outlook as the crypto market hovers around the psychological $40,000 level. The price is trading around $40,512, maintaining a minimum negative 0.36 percent.
BTC/USD market
Key levels:
Resistance Levels: $42,500, $45,000, $47,500
Support Levels: $37,500, $35,000, $32,500
BTC/USD โ Daily Chart
The daily chart of BTC/USD reveals the crypto market hovering around the $40,000 trading level after a string of notable lows. The 14-day SMA indicator has briefly intercepted the 50-day SMA indicator to the downside. And they are over the trading point to indicate a business situation in a depression condition for the cryptocurrency business. Stochastic oscillators have briefly moved north into the oversold region to close their lines around the range20.
How is the business situation in BTC/USD trading as the crypto market hovers around the $40,000 level?
The business situation in BTC/USD trades suggest that a trait of indecision is ongoing in the long term as the crypto market hovers around the $40,000 level. A line of smaller declines against the mentioned value point would need to be allowed to occur in order to have a bounce to buy entries in the downstream process. The $37,500 support line appears to be a critical level to gain ideal positions for cryptocurrency price to come back.
On the downside of technical analysis, BTC/USD market short-sellers have to assert that their efforts around the trending SMA are well below the $45,000 resistance trading level against any potential rebound moves. that may emanate from the actions of buyers afterwards. A move lower will sustain beyond $40,000 if the bears consolidate their presence in the market for some time.
BTC/USD 4-hour chart
The USD/BTC The medium-term chart shows that the crypto market is moving around the upper downtrend line. The 14-day SMA indicator is moving strongly above psychological downside variant points below the 50-day SMA indicator. Stochastic oscillators are near the 80 range, trying to unite their lines. That may be a sign against getting more upside freely any time soon. Following that assumption, a reduction may soon follow.
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