BTC/USDT weekly analysis on 21st/Apr/2024

21 Apr

Hi, crypto traders.

Last week, 5MA fell below 20MA and 60MA, and the price also dropped below 60,000USD. However, after briefly falling below the psychological line of 60,000USD, the price reversed, and the candlesticks have moved back above 5MA.

The current order of the candlesticks and MA lines are as follows.
20MA (blue) > 60MA (green) = the candle > 5MA (red) > 100MA (black)

With Bitcoin's halving event, there are expectations for a price increase, but the immediate focus should be on whether the candlesticks can firmly surpass 20MA.

If the price surpasses 20MA and rises, the next targets would be the psychological line of 70,000USD, followed by the all-time high of 73,800USD. Conversely, if the price falls below 5MA again, the recent low of 59,600USD and 100MA around 57,500USD would become the targets.

I summarize the target points for next week.

#Target points
##If the price of Bitcoin increases
1st target: 66,500USD (Cross-point with 20MA)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)

##If the price of Bitcoin decreases
1st target: 59,600USD (The lowest price on 19th/Apr/2024)
2nd target: 57,500USD (Cross-point with 100MA)
3rd target: 54,000USD (Cross-point with 20MA/weekly chart)

Let's enjoy trading this week too!