Bitcoin Dives to Find Support

Market Analysis – April 21

Bitcoin retraced to gain momentum for an ascent to break the 24826.0 resistance level. The failure to push through the major level was revealed with the double top that formed in February. Currently, the buyers have opted for a pullback once again to gain bullish momentum for an ascent.

Bitcoin Key Levels

Demand Levels: 24826.0, 18325.0, 16012.0
Supply Levels: 32655.0, 37833.0, 48061.0

Bitcoin Long-Term Trend: Bullish

This year appears promising for Bitcoin investors, as it was initiated with a leap in the price from 16012.0 to 24826.0. The surge in price caused the trend reversal from a downward direction to the current upward trend. The Stochastic revealed the price was oversold at the 16012.0 demand level. The Parabolic SAR (Stop and Reverse) indicator guided the green candles to the next resistance level of 24826.0 with its points.

The sweep of the previous high before the test of the demand level of 16012.0 resulted in a Change of Character on the daily chart. The break of the bearish trendline further confirmed the change in direction to bullish. After witnessing difficulty soar beyond 24826.0, the retracement option to retest the descending trendline solved the challenge.

Bitcoin Short-Term Trend: Bearish

Bitcoin’s inability to reach the next resistance level of 32655.0 has led to a retracement to the nearest bullish order block. The resistance level is expected to be broken upon the recovery of the buyers.

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