When we look at the chart of Bitcoin against the dollar as of the past week, we are seeing a general bullish trend. April 23 When we examine Bitcoin price movements, we will see that with the beginning of this week, Bitcoin will test the resistance points in a rising channel. If the resistance points are not passed, if they are exposed to a sales pressure, the support points of the fibo levels should be closely monitored at this time.
April 23 Bitcoin technical indicator signals
When we look at the graph, we see that 100 SMA (simple moving average) is above 200 SMA showing the long-term trend. This movement, pointing to the upward trend, can be seen reversing the trend if it falls below 200 SMA.
When we look at the line drawn to determine the Fibonnaci support and resistance points from the point of 5 Marttaki peak, with reference to the bottom 1 point, we can see that the Fibo 0.50 level resistance of 9000 dollars is tested. This level almost coincides with the upper channel line of the Bitcoin price in the same channel that we have set. If this resistance goes well, the next target fibo appears at $ 9658, which is at the level of 0.618. If the Fibo 0.50 resistance can not be successfully deployed, it is likely that the first support point, fibo 0.382 level, will support the $ 8400 support.
If we look at the Stockastic indicator as another indicator that can be used to estimate the bitcoin direction, we are currently showing us that we are in the overbought territory. As you can see on the chart, the starboard indicator is called the over-bought level on the market, above the 80 level. If the price is in this volume, the probability of sales coming is considered to be higher.
Market basic analysis signals
Stock exchanges report that purchase orders are close to 92 percent of activity and more investors are attracted to the rally than to remain. Some predict that Bitcoin could go above $ 20,000 this quarter.
Risk appetite is also often supported in the markets. This means that traders are willing to trade outside traditional assets such as stocks and commodities. The morale of the crypto-currency industry is a significant improvement over the past few weeks. The price of bitcoin has increased with the influence of news about big hedge funds and market purchases.