Bitcoin has become volatile and currently trading inside the ranges of $53,000 to $58,000 area. Bitcoin volatility increased over $53,000 psychological support level. Bulls to regain momentum 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 23, 2021, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. BTC will probably begin a significant decay if there is a clear break underneath the $53,000 support area. Bitcoin is currently trading around $54,500 area and trying to push higher. After rejecting $65,000 to $64,000 key level, the bears have regained momentum and pushed the price downside quite impulsively, and hit $51,500 area. As per the current price action, the price may face strong support around $53,000 to $54,000 area in the coming days.
Bitcoin Volatility Increased as the Bulls Are Still Optimistic
Bitcoin is currently residing near $54,500 area and trying to recover upside. However, the price is still residing below the dynamic level of 20 EMA on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin volatility increased and currently trading around $54,500 area. As per the current price action, if the price can have an impulsive bullish candle close above $53,000 to $54,000 support level, the price may recover higher towards $57,000 to $58,000 area in the process. So, if the price can break over $57,000 to $58,000 area, the bulls may sustain the bullish pressure towards $64,000 to $65,000 area in the days ahead. On the contrary, if the price breaks below $54,000 to $53,000 area with a bearish candle, the bears may push the price lower towards $50,500 to $50,000 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. However, the bulls may regain momentum if the price can break above the dynamic level in the process. Moreover, the MACD lines are currently residing below the 0.00 level and gradually moving higher. It indicates that the bulls are trying to regain momentum.
BTC May Strike Higher
According to the daily chart, Bitcoin volatility increased, but the bulls are still optimistic. As per the current scenario, if the price can have an impulsive bullish candle close above $53,000 to $54,000 area, the bulls may regain momentum and recover upward towards $57,000 to $58,000 area as a first target. The second target will be $64,000 to $65,000 area if the price can break above $57,000 to $58,000 area in the coming days.
Image: Bitcoin Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the price needs to have a daily bullish candle close above the dynamic level, Kijun line, and the Tenkan line to sustain the bullish pressure further in the days ahead. However, the Kumo Cloud is also holding the price as strong support.
To conclude, as long as the price residing over the Kumo Cloud, the bias will remain bullish. An impulsive daily close will help to identify the definite momentum in the coming days.