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FX.co ★ Trading Signal for Bitcoin (BTC/USD) for April 26 - 27, 2022: buy above $37,500 (4/8 Murray)

Trading Signal for Bitcoin (BTC/USD) for April 26 - 27, 2022: buy above $37,500 (4/8 Murray)

Trading Signal for Bitcoin (BTC/USD) for April 26 - 27, 2022: buy above $37,500 (4/8 Murray)

Bitcoin's (BTC/USD) price is trading below the 21 SMA and inside a downtrend channel formed on March 25.

BTC has strong support around 4/8 Murray at 37,500. It is expected to bounce above this level in the next few hours. BTC can reach the zone of 21 SMA located at 39,379 and even reach the top of the downtrend channel that coincides with the 200 EMA around 41,376.

Bitcoin has been in a bearish phase since March 25 due to uncertainty in global financial markets. Another factor is also that the equity market is under strong downward pressure because the US central bank will increase its interest rate next week.

A rate hike of 50 basis points could erase the strength of Bitcoin. In the short term, we would expect that it could drop below 37,500 and reach the zone of 34,500. The crypto could even drop to the psychological level of 30,000.

On the other hand, according to the 4-hour chart, Bitcoin could have a technical bounce in the next few hours and reach the zone of 39,400 (21 SMA). It could even reach 6/8 Murray at 43,750.

According to the daily chart, BTC is trading below the 200 EMA located at 43,750. Any technical bounce towards this zone will be considered an opportunity to sell as there is strong bearish pressure below this level.

The eagle indicator has a key level of support as we can see on the chart. If Bitcoin consolidates above 37,500 in the next frem hours, there could be an opportunity to buy with targets at the psychological level of 40,000 and resistance at 41,376.

In case of a bearish break, we should wait for a daily close below 37,500 to sell with targets at 34,500 and 31,250.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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