above average Bitcoin (BTC) regains color by crossing the symbolic level of $40,000. This re-conquest doesn’t mean bitcoin is ready to go higher and reclaim $46,000.
Bitcoin at $41,000: The Scenario to Avoid
Bitcoin price finally closed above $40,000 yesterday, April 12, 2022. HE IS Won $41,000 back and today, April 13, 2022, it rose to $41,540 on Bitfinex. bitcoin It trades at $41,166 at the time of writing and is currently seeing a daily gain of 4.08%.
While Bitcoin is still trading below $41,000, Crypto trader Ed reiterated his predictions: Bitcoin will initially rise to $41,000, which will later increase to a higher level. Downside correction below $39,000.
Still, Crypto Ed stated: This decline is preventable.If Bitcoin manages to stay above $40,500. Today’s closing level will already make it clear whether bitcoin has escaped this bearish pattern.
In a longer time frame, trader Rekt Capital shared a monthly bitcoin price chart highlighting that bitcoin is trying to hold its own. Above the $41,300 support. Rekt Capital closes the month above this level, predicting a “double confirmation” of a bottom around $43,100, which will be a fresh start. higher low – higher low.
Analyst Kevin Svenson meanwhile was interested in the 600-day simple moving average – The blue line in the chart below. that would be average an important support line which has been retested recently.
Kevin Svenson pointed out that Bitcoin “has not closed a one-day candle below 600d/SMA since the COVID-19 crash.” This average has served as primary support for bitcoin “since mid-January 2022”. It is currently around $39,250.
Therefore, it is still too early to know whether the last drop below $40,000 was a simple breakout or a continuation of the downtrend. Bitcoin should confirm the current bullish strength with daily closes above $40,500.
Source From: Google News