Bitcoin Price Prediction for Today April 20: BTC/USD Recovers Above $42,000

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Bitcoin Price Prediction
Minersgarden


Bitcoin price forecast is currently above the 9-day moving average after the first digital asset recovered from $41,000.

BTC/USD Long Term Trend: Range (Daily)

Critical level:

Resistance: $46,000, $48,000, $50,000

Support levels: $38,000, $36,000, $34,000

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BTCUSD – Daily Chart

BTC/USD is currently holding above $42,000 as the coin prepares to push higher again. Looking at the daily chart, Bitcoin price is now trying to maintain a bullish move towards the upper end of the channel, but may struggle to gain momentum as the market-wide uptrend stalls.

Bitcoin Price Prediction: Bitcoin Price Could Create More Upside

Bitcoin price is currently at $42,142, up 1.54% on the day. As the technical indicator, the RSI (14), prepares to break above the 50 level, a trade above the 21-day moving average is likely. The bulls must reclaim this hurdle as this will allow them to focus on higher levels towards $45,000. On the other hand, any dip below the 9-day moving average could easily open the way to the south.

Looking at the daily chart, Bitcoin (BTC) is likely to recover lost ground by pushing the market price to the next level. Additionally, any bullish move towards the upper end of the channel could push the price to resistance at $46,000, $48,000, and $50,000, while support could be at $38,000, $36,000, and $34,000, respectively.

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BTC/USD Mid-Term Trend: Volatility (4H Chart)

Looking at the 4-hour chart, Bitcoin price remains above the 9-day and 21-day moving averages as the coin faces the upside. However, if the price continues to rise further and breach the upper limit of the channel, it could reach the nearest resistance levels of $44,000, $46,000, and $48,000, respectively.

BTCUSD – 4-hour chart

Also, if the bears sink the coin below the 9-day and 21-day moving averages; it could touch the nearest supports at $40,000, $38,000, and $36,000. For now, the technical indicator Relative Strength Index (14) is likely to dip below the 60 level to bring the coin back slightly.

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