Bitcoin continues to dominate the cryptocurrency market, and its price action provides valuable insights for traders. Here's a detailed breakdown of Bitcoin's performance in Week 3 of April:
Monthly Chart: Long-Term Uptrend
The monthly chart shows that Bitcoin remains in a long-term uptrend. However, last month saw some consolidation, with prices pulling back slightly. This indicates a healthy correction after a prolonged upward movement. Traders should focus on key support and resistance levels to identify potential breakout or reversal zones.
Weekly & Daily Charts: Consolidation Below the Cloud
On the weekly chart, Bitcoin’s price is currently trading below the Kumo cloud but above critical support levels. The daily chart highlights a defined trading range between $74,000 and $93,000 . A breakout above the cloud could signal renewed bullish momentum, while a retest of the $74,000 support level may indicate further consolidation.
Key Levels to Watch
Support: $74,000
Resistance: 93,000Tradersshouldmonitortheselevelsclosely.Asustainedmoveabove93,000 could open the door for higher targets, while a break below $74,000 might lead to deeper corrections.
Trading Strategy
Buy Opportunity: Wait for a pullback to the cloud support or a retest of $74,000 before entering long positions.
Risk Management: Place stop-loss orders below key support levels to protect against downside risks.
Bitcoin remains highly volatile, so patience and discipline are crucial. Keep an eye on macroeconomic factors like interest rate decisions and geopolitical events, as they can significantly impact BTC/USD price movements.
Monthly Chart: Long-Term Uptrend
The monthly chart shows that Bitcoin remains in a long-term uptrend. However, last month saw some consolidation, with prices pulling back slightly. This indicates a healthy correction after a prolonged upward movement. Traders should focus on key support and resistance levels to identify potential breakout or reversal zones.
Weekly & Daily Charts: Consolidation Below the Cloud
On the weekly chart, Bitcoin’s price is currently trading below the Kumo cloud but above critical support levels. The daily chart highlights a defined trading range between $74,000 and $93,000 . A breakout above the cloud could signal renewed bullish momentum, while a retest of the $74,000 support level may indicate further consolidation.
Key Levels to Watch
Support: $74,000
Resistance: 93,000Tradersshouldmonitortheselevelsclosely.Asustainedmoveabove93,000 could open the door for higher targets, while a break below $74,000 might lead to deeper corrections.
Trading Strategy
Buy Opportunity: Wait for a pullback to the cloud support or a retest of $74,000 before entering long positions.
Risk Management: Place stop-loss orders below key support levels to protect against downside risks.
Bitcoin remains highly volatile, so patience and discipline are crucial. Keep an eye on macroeconomic factors like interest rate decisions and geopolitical events, as they can significantly impact BTC/USD price movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.