Surfing the Waves of Cryptocurrency: April 20 Bitcoin (BTC) Market Analysis Reference:

Bitcoin surged and then fell back, with the recent market continuing its oscillating downward trend. From the daily chart, the price is still moving between the middle and upper bands of the Bollinger Bands; the upward channel has not been broken. The short-term EMA moving averages (7/15/20) show a bullish arrangement, supporting the overall upward structure. However, recently, there have been consecutive bearish candles, the pace of the rise has slowed down, the MACD histogram continues to shorten, the upward momentum of DIF and DEA has significantly weakened, at the same time, the RSI indicator has retreated from the high, and the KDJ indicator has formed a death cross downwards, indicating that the short-term bullish forces are weakening, and there is a need for a pullback and repair. The current key support is EMA15, with the middle band of the Bollinger Bands as strong support. If this position holds, there will still be opportunities for a rebound and breakout in the future.

Looking at the short-cycle hourly chart, BTC is currently in a consolidation phase after a high-level pullback on the 4-hour chart. The current price hovers near the short-term EMA moving average, below the middle of the Bollinger Bands; the short-term moving averages are turning down, and the MACD bearish momentum is still being released. The RSI indicates a balance between bullish and bearish forces, and there are signs of a golden cross in the low KDJ, suggesting a potential small rebound in the short term. The upper resistance is first at the middle band of the Bollinger Bands (75800), while the lower support is at 73800. If there is no significant upward break of the resistance level in the following period, it is likely to maintain a range-bound oscillation; it may even test the lower band support. If the support level is broken, it may further decline. I hope all cryptocurrency friends manage risks in advance.

Surfing the Waves of Cryptocurrency: April 20 Bitcoin Short-term Reference:

Long Position: Buy in the range of 73000-74000, stop loss at 500 points, target at 74500-76000,

Short Position: Sell in the range of 77000-76000, stop loss at 500 points, target at 75000-74000,

[The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and release may have delays, and the strategies may lack timeliness. Do not operate blindly.]

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