BTC Drops Below the SMAs

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BTC Drops Below the SMAs
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Bitcoin Price Prediction – BTC fell below the SMA on April 23 after briefly breaking the $42,500 resistance trading line in the latest session. The price is currently trading between $39,937 and $39,362, representing a high-low trading zone. The minimum BTC/USD market action percentage is 0.27.

BTC/USD Market Key Levels: Resistance: $42,500, $45,000, $47,500 Support: $37,500, $35,000, $32,500BTC/USD – The daily chart shows that the BTC market has broken below the SMA in the form of a descending triangle. The 50-day SMA indicator is above the 14-day SMA indicator within the trading pattern. The SMA and bearish trend line are trading at the $42,500 resistance level, suggesting that this value line is a pivotal point to fend off upside forces in the sessions that follow. The Stochastic Oscillator is in the southbound direction of the 80 range, close to above the 40 range.

As BTC market falls below SMA, will crypto-economy prices then drop to $37,500 support?

Currently, crypto trading activity suggests that a certain amount of downward force is continuing as BTC falls below the SMA. Therefore, prices may have to fall further to achieve some lower measure of trading psychology before finding ideal support for a subsequent rally. Long-term trade positions based on the current downside threshold strength before a possible retracement to support at $37,500.

On the downside of technical analysis, short positions in the BTC/USD market must intensify, pushing down from the $40,000 psychological trading zone. As ever, the $37,500 trading level will be a key area for more free declines, while the bears must extend their stance in crypto business operations.

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BTC/USD 4 hour character

The medium-term chart shows BTC breaking below the SMA. The bearish trend line and the horizontal line drawn are there to confirm that the market remains in a descending triangle pattern. The 50-day SMA indicator is placed next to the 14-day SMA indicator within the trading pattern. The Stochastic Oscillator is in oversold territory, moving in a consolidation fashion, indicating that the force of the decline has not yet been fully exerted. However, a sudden rally could soon re-emerge below the $40,000 level, putting the crypto economy back on an upward trajectory.

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