The leading Cryptocurrency BTC / USD, this morning of the American session is trading above the SMA of 21 and below the 6/8 of Murray, showing a bullish signal.
Investor sentiment is very changeable, for example when Bitcoin rises generates strong euphoria among investors, and when BTC consolidates and ranges it generates anxiety, but a rapid decline causes investors to panic and BTC falls a lot faster.
It is undoubtedly a very volatile asset and the price is anything but stable, sometimes we have seen a 10% to 15% drop in one day, which should not surprise us.
Having said this, now we are facing a possible euphoria of buying the BTC again. In the chart, we note that the BTC is challenging the resistance zone of $56,250. If it consolidates above this level, the target for the next few hours will be in $59,350 and $62,500.
Conversely, a consolidation below $54,000 could see a drop to support $50,900, and breaking this level could challenge the psychological level of $50,000 for a further bearish attempt to levels of $43,500.
For now our recommendation is to buy above $56,250 as long as it remains above the 21 SMA, also the eagle indicator is showing an imminent bullish rebound.
Support And Resistance Levels For April 21 - 22, 2021
Resistance (1) $57,170
Resistance (2) $58,131
Resistance (3) $59,365
Support (1) $54,366
Support (2) $52,032
Support (3) $50,702