Bitcoin Price Prediction for Today, April 16th: BTC Market Hovers Around $40,000

Bitcoin Price Prediction – April 16
Trading activities in the BTC/USD operation have been featured in a range-bound outlook as the crypto-economic market hovers around the $40,000 psychological level. Price is trading around $40,512, keeping a minimal negative percentage of 0.36.

BTC/USD Market
Key Levels:
Resistance levels: $42,500, $45,000, $47,500
Support levels: $37,500, $35,000, $32,500
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto-economic market hovers Around the $40,000 trading level after a chain of notable swing lows. The 14-day SMA indicator has briefly intercepted the 50-day SMA indicator to the downside. And they are over the trading spot to denote a trading situation under a depression condition for the crypto business. The Stochastic Oscillators have briefly moved northbound within the oversold region to close their lines around the range20.

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What is the trading situation like in the BTC/USD trade as the crypto market hovers Around the $40,000 level?

The trading situation in the BTC/USD trade operations suggests that a trait of indecision is ongoing in the long-term run as the crypto-economic market hovers around the $40,000 level. It would be necessary that a line of smaller-downs be allowed to occur against the value point mentioned to have a rebound to give buying entries in the process afterward. The $37,500 support line appears to be a critical level for getting ideal stances for the crypto’s price to make a comeback.

On the downside of the technical analysis, the BTC/USD market short-position placers have to affirm their efforts around the SMA trend lies closely beneath the $45,000 resistance trading level against any possible rebounding motion that can emanate from buyers’ actions afterward. A falling move will uphold past the $40,000 if bears consolidate their presence in the market for some time.

BTC/USD 4-hour Chart

The BTC/USD medium-term chart shows the crypto-economic market hovers around the upper bearish trend line. The 14-day SMA indicator tightly moves over variant psychological points to the downside underneath the 50-day SMA indicator. The Stochastic Oscillators are near below the range of 80, trying to join their lines together. That may be a sign against getting more upward forces freely in the near term. In the wake of that assumption, a drawdown may soon play out.

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