BTC and the story of 44,600 USD

Author: Trade Pro Skills

Friday, 01 April 2022 Number of words: 233 Study time: 2 Minutes Views: 378


OBV line still moves above the MA line. 

Market analyst – IFC Markets

BTC sounds like is very committed to its support important pivot line at 44,600. This is the level, where several times BTC has been trying to breathe and find its way towards the next resistance at $52-53K. Technically and as you can see in the below daily chart, OBV now moves above 20 DMA, while price creating new HH. At 38,000 US dollars, this movement above 20 DMA was signaling the uptrend and continuing the raising prices. However, fundamental data and pressures on the cryptocurrencies market, with increasing risks following geopolitical tensions in Ukraine, had created suspicion in the markets. As we can see in the chart, BTC has been creating a range between 38,000 US dollars and 45,000. In the previous articles also, I mentioned that the next trend must be seen above or under these levels. For now, and as long as it is trading above 44,000 US dollars, we can see 53,000 in the charts. 

From the fundamental point of view, the situation, of course, is still not promising. Especially with increasing sanctions against Russia, now many governments are trying to put more restrictions on exchanges and financial institutes using crypto in order to circumvent Russian sanctions. So, while we can be optimists, for now, should not forget about the right trading setup to exit the market in a timely manner. 

BTC and the story of 44,600 USD

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