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Technical Analysis of BTC/USD for April 20, 2022

Relevance up to 02:00 2022-04-21 UTC–4

Crypto Industry News:

Billionaire and bitcoin enthusiast Ricardo Salinas believes that BTC growth is inevitable, but its future depends on how quickly and cheaply you can trade. As an early adopter of Bitcoin (BTC) – starting at $ 200 – Salinas experienced the ups and downs of the market first-hand and learned a few things.

During the Bitcoin 2022 conference in Miami, Florida, Salinas was a panelist on the main stage of the Miami Beach Convention Center among fellow billionaires Orlando Bravo, Marcelo Claure and Dana Tapiero. In a discussion titled “Bitcoin Billionaire Capital Allocators,” Salinas revealed that 60% of its portfolio is in Bitcoin, while the remaining 40% is a mix of oil and gas investments.

On the same day, April 7, Mexican Senator Indira Kempis, a conference participant, announced that she had proposed a bill to make bitcoin legal tender in Mexico.

Mexico would follow El Salvador, Roatan, Honduras, Madeira and Portugal if it passed the legislative path in accordance with the rules. When asked what he thought about it, Salinas said “it will be a tough battle” to make it happen because his country “unfortunately” has a mindset that is too attached to fiat control or what he calls “fiat fraud.” .

Technical Market Outlook:

The BTC/USD pair continues to move higher from the local low located at $38,664 and is testing the key short-term supply zone seen at the level of $41,579 and is this level is clearly violated, then the bulls might have a chance to extend the rally towards $43,371. The market conditions are still oversold, but the momentum is neutral already, so the bulls are working to increase the dominance on the market. The nearest technical support is seen at $40,477, $40,271 and $40,139.

Weekly Pivot Points:

WR3 – $46,129

WR2 – $44,704

WR1 – $42,258

Weekly Pivot – $40,652

WS1 – $38,302

WS2 – $36,789

WS3 – $34,347

Trading Outlook:

The last push down on the Bitcoin H4 time frame chart was completely retraced as the V-shape reversal was made very quickly. The bulls are temporary in control of the market and they are heading towards the level of $41,579 first, then higher towards $43,371. The key supply zone is located between the levels of $44,785 – $45,826.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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