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Bitcoin (BTC) Price Analysis for April 17

Price Analysis
Sun, 04/17/2022 - 14:38
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Denys Serhiichuk
Has Bitcoin (BTC) touched its support level for further growth?
Bitcoin (BTC) Price Analysis for April 17
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls keep dominating the cryptocurrency market as most of the coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday, while it has dropped by 4.91% over the last week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) may have fixed above the $40,000 mark against the declining trading volume. The falling volume means that the coin has not accumulated enough energy for a further rise. In this case, the more likely scenario for the upcoming week is consolidation in the range of $40,500-$41,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local timeframe, Bitcoin (BTC) has bounced off the zone of the most liquidity at $40,177. If the rise continues, there is a chance to see the retest of the resistance at $40,700 by the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, BTC is trading in the middle of a wide channel between the support at $32,871 and the resistance at $48,234. As mentioned before, the fixation above $40,000 is crucial for bulls in terms of further growth. In this case, one may expect a comeback to the recently formed mirror level at $44,244 next week.

Bitcoin is trading at $40,440 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.