Baxia Markets
April 19, 2022

Bitcoin could break resistance at $41,377

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The crypto asset is up more than 3% in today's trading sessions and could make a breakout attempt at the 23.6% Fibonacci retracement in the short term. The moving averages are about to cross as the short-term MA sank in recent sessions, if the pair is unable to recover more ground soon, a crossing can be expected, which will possibly cause the price to continue falling.


The pair trades inside the Ichimoku cloud which brings market uncertainty, the pair moved a lot in today's session as buyers and sellers are trying to push the price in their own desired direction.


BTC April 18th 2022 


The Bollinger bands are wide and volatility should be high in the short to medium-term, the pair trades closer to the lower band, but it never got closer enough to think the price is relatively high yet.


The relative strength index is at 43% which would potentially allow the price to climb more aggressively in the short term before entering an overbought status. At this point, we would like to wait for the price to exit the Ichimoku Cloud in order to make a trading decision based on the direction of the breakout.


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