Bitcoin Sustains Above $53,000 Support Level – Will Strike Higher?


Bitcoin still holding the bullish momentum over $53,000 to $54,000 event level. Bitcoin sustains above $53,000 psychological support level. Will the price strike higher in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

April 29, 2021, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. Bitcoin price surged over the $56,000 resistance area against the US Dollar, yet it failed to proceed further higher. BTC is currently trading around $54,000 area and trying to push lower. BTC is could retrace lower, but the 20 EMA is probably going to provide support on the intraday chart in the coming days.

Bitcoin Sustains Above as the Bulls Are Still Optimistic

Bitcoin is currently residing near $54,000 area and trying to push lower. However, the price faced resistance at the dynamic level of 20 EMA on the daily chart and formed a bearish indecision candle.

Bitcoin Sustains Above

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin sustains above and currently trading around $54,000 area. As per the current price action, if the price can have an impulsive bullish candle close above the last pin bar’s high, the bulls may regain momentum and push the price higher towards $57,000 to $58,000 area as a first target. The second target will be $60,000 o $60,500 area if the price can break above $57,000 to $58,000 resistance area in the coming days. On the contrary, if the price can break below $54,000 to $53,000 support level with an impulsive bearish candle, the bears may push the price down towards $49,000 to $48,000 area in the process.

In addition, the dynamic level of 20 EMA is currently residing near the price. So, it may work as strong support if the price can have a 4-hour bullish candle close above it. However, the bear may regain momentum if the price can break below the dynamic level in the days ahead. Along with this, the MACD lines are currently residing over the 0.00 level and having a bearish crossover. It indicates that the bears may regain momentum in the coming days.

BTC Bulls May Lose Momentum

According to the daily chart, Bitcoin sustains above as the investors are still optimistic. As per the current price action context, if the price can break below $54,000 to $53,000 support level with an impulsive daily bearish candle, the bears may push the price downside towards $49,000 to $48,000 area again in the coming days. Alternatively, if the price bounced higher from $53,000 to $54,000 support area with a daily bullish candle, the bulls may regain momentum and push the price upside towards $60,000 to $60,500 area as a first target. The second target will be $65,000 to $66,000 area if the price can break above $60,000 to $60,500 area in the process.

Bitcoin Sustains Above

Image: Bitcoin Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line. So, the dynamic level may work as strong resistance to push the price downward. Besides, the Kijun line may work as a confluence of the dynamic level in the process. However, the Kumo Cloud is still holding the price as strong support. It indicates that the bulls are still residing on the market and may strike higher in the days ahead.

To conclude, as the bulls are still holding the price over $53,000 to $54,000 support area with a daily candle close, there is a higher chance that BTC may recover further higher. A daily close is needed to identify the definite momentum in the coming days. 

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