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Bitcoin (BTC) Price Prediction: BTC/USD Is In A Downward Correction, Slumps To The $50,000 Psychological Price Level

Bitcoin (BTC) Price Prediction – April 22, 2021
For the past four days, Bitcoin is trading in a confined range between $53,000 and $57,000. After the breakdown on April 18, the BTC/USD price corrected upward to reach the high of $57,000. On April 19, buyers fail to sustain the bullish momentum above the recent high. The bulls were repelled as BTC price resumed downward correction.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

On April 19, Bitcoin bulls fail to rebound to propel BTC price above the $57,000 and$58,000 resistance levels. This is the reason why the king coin slumped to the $53,000 support and resumed a downward correction. For instance, on April 8 BTC price rebounded to break the $57,000 resistance. The bullish momentum extended above the $58,000 support. The price rebounded above the $58,000 support to break the $60,000 overhead resistance. This has been the previous price action as the market resumed upside momentum. Nonetheless, as price fluctuates between $53,000 and $57,000, BTC price has to rebound to break the resistance at $57,000. BTC price is presently falling as it faces resistance at the 21-day SMA.

Turkish Crypto Exchange, Thodex, Halts Trading Amid Reports of Police Raid
Thodex is a major Turkish cryptocurrency exchange. The firm has indicated its intention to halt trading and withdrawals amid reports of police raids. Thodex posted on Twitter informing users that it has halted transactions for a period of four to five days. According to reports, the firm is in partnership with “world-renowned banks and funding companies” to improve its services. The exchange has pleaded with its clients not to be worried about their investments, and that “users will be informed regularly” during the suspension period.

BTC/USD – 4 Hour Chart

Bitcoin fell to the $50,500 low and resumed a downward correction. The Fibonacci tool has indicated a further downward movement of price. Meanwhile, on April 16 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement implies that Bitcoin will fall to level 2.618 Fibonacci extension or the low of $53,972.10. From the price action, the BTC price has fallen beyond the Fibonacci level and it is approaching the $50,000 psychological price level.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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