BTCUSD – Weekly outlook for Bitcoin Price – 23rd April 2021

BTCUSD Forecast for BTC

Introduction

The events happening around the bitcoin market are another opportunity for Bitcoin investors to hold their buy positions and to buy from the dip as the price of bitcoin drops to support levels.

Should we expect a prolonged sideways market structure in the coming weeks, or perhaps a breakout into price discoveries? Let’s dive into the BTCUSD charts, and more.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly chart - 23rd April 2021

Monthly Resistance levels 58000, 65000, 75000, and 80000

Monthly Support levels 30000, 40000

The BTCUSD pair has enjoyed the bullish run since the asset class has remained valuable to its users since the pandemic of 2020. However, the bitcoin acceptance by institutions has helped it gain value among communities around the globe. 

The bearish sign in April candle is a sign that the bitcoin is trying to find a resistance around that level of 58000 as we can see the stochastic indicator is in the overbought zone which may signal a selling trend in the market, a correction phase in the market.

Weekly Chart

BTCUSD Weekly chart - 23rd April 2021

Weekly Resistance levels 59500, 70000, and 85000

Weekly Support levels 43000, 50000

The Bears are likely to push down the price of BTC/USD as the news about will trigger the price to drop lower, having held the zone for 4 weeks with no breakout trend above the zone. If the Bears can push down the price, we may see it reach the 43000 level of support.

Daily Chart

Daily Resistance levels 64850, 63000, 70000

Daily Support levels 50,460, 43000

The bitcoin set another all-time high before the drop that was expected to happen. The bulls who had left their long position will have to wait price to retest the new resistance zone for either a breakout for long or to see the bears push back the price.

Some school of thought sees the low as a position to buy the dip for another swing that will take the price of bitcoin to another higher level once the bulls can take over the market.

H4 Chart

H4 Resistance levels 64846.00, 70000

H4 Support levels 50900.00, 45000

The Bears could dominate the market as we see them create lower highs and lower lows before the big drop happened, putting investors into panic mode. This is because of the rumor that the USA authorities are charging the financial institutions some anonymous some of money for using crypto currencies as a means of money laundering.

Bullish Scenario:

The $50,900.00 levels show some buyers had orders at those levels and they anticipate that the bullish momentum from that low on the H4 will break above the recent high for another bullish run for weeks.

Bearish Scenario:

The resistance levels show that we have a sell off pressure as investors liquidated their funds at the zone. If the resistance remains solidifies, we may see more long position traders take profit at the level and it will cause price to drop lower below the 50000 zone.

Bitcoin BTC News Events 

Bitcoin Records another longest time between two blocks in less than 10 years.

Bitcoin Records another longest time between two blocks in less than 10 years.

Bitcoin blockchain successfully did the time intervals between two blocks in history. The time to mine blocks previously, according to Antoine Le Calvez was that it took 122minutes to mine 679786 blocks which was discovered by the mining pool F2pool. 

This means that if blocks come in every 10 minutes, it has a probability of 1 in 200000. However, since 2011 October 13, it has now taken 141 minutes to mine 149,097 blocks, which is the longest so far.

The Time Magazine readers can now pay their subscription with crypto currencies as the magazine has partnered with crpto.com, enabling their readers to use bitcoin or other cryptos to purchase digital subscriptions. 

For those who choose this option will benefit from the unlimited access to content across Time.com within 18 months with their onetime purchase also for subscriber only events and offerings. This offer is presently open to those in USA and Canada, with time they will open it to others in other part of the globe.

Conclusion and Projection

The rumor about the US government planning to charge financial institutions anonymously for money laundering for using crypto currencies has indirectly influenced the price of bitcoin to drop. With mixed reactions in the markets, online brokers continue to speculate on the direction of bitcoin before opening positions in the coming week.

 

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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