Price Analysis

BTC Price Fights the Immediate Resistance at $46,700 Displaying Signs of Smashing $100K in Q2 2022

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 5, 2022

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Highlights

    With an ease in the market trend, the BTC price is again utilising all its resource to slice through the consolidation and surge high

    The accelerated momentum may uplift the price above $47,000 in no time and further could also barge-in the crucial resistance to maintain a notable upswing towards $100K very soon

Bitcoin nowadays appears to have undertaken a calculated approach to nullify the steep drop towards the lower support. The BTC price is currently swinging within the immediate resistance and support levels and displays equal possibilities to hit these levels depending on the volume induced. However, the star crypto is attempting to slice through the consolidation and quickly achieve the resistance at $48,642 to mark a healthy uptrend. 

On the other hand, the price is appearing to have mirrored a prior move which may result in a steep price drain towards the demand zone of around $46,200. However, speculation about the price maintaining decent uptrend surfaces as the price is currently swinging within a strong bullish flag. 

Bitcoin(BTC)/USDT Price Analysis (Short-Term)

The price is swinging within an interesting phase of a couple of bullish patterns assure of significant upward momentum. The price is swinging within an ascending triangle where the apex is extremely far off. And hence the price needs to break out, then it needs to consolidate for more time, probably until the weekend to showcase the result of the pattern. On the other hand, the price appears to have reached the tip of the bull flag and waiting for strong boosts to pile up bullish momentum. 

Therefore, if in case the price spikes high then the BTC price may eventually barge in through the immediate resistance levels and attempt to test the resistance of the huge symmetrical triangle formed in the higher time frame. Therefore, the day’s close is extremely important for the asset to continue with the uptrend until it ranges beyond ATH to hit $100K soon. 

Bitcoin(USDT) Technical Analysis(Short-term)

Indicators ValueAction
Relative Strength Index(RSI)57.78Buy
MACD100.6Buy
Average Directional Index(ADX)30.26Buy
Average True Range(ATR)180.23Less Volatility
Bull-Bear Power305.144Buy

Pivot Levels to Watch Out in Short-Term

Moving Average (MA) – 50:- $46,309.5

Moving Average (MA) – 200:- $46,628.8

Resistance:- $47,628

Support:- $46,524.41

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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