Technical Analysis

BTC/USD Analysis - April 16, 2021

By LonghornFX Technical Analysis
Apr 16, 20212 min

Upward Trendline Support

During Friday's Asian session, the BTC/USD crypto pair hit the new all-time high at $64,892 before starting a downside correction. The BTC/USD pair corrected below the $64,000 and $63,500 support levels. The price is trading well above the $62,000 mark and the 100 hourly simple moving average.

Most of the Bitcoin movement was driven on the back of Coinbase IPO (Initial Public Offering) and its performance on the New York stock exchange. The listing is by far the largest yet of a cryptocurrency firm, with the San Francisco-based company stating last month that private market deals had evaluated the company at about $68 billion this year, compared to $5.8 billion in September.

The leading cryptocurrency, Bitcoin, drew back from an ATH (all-time high) as the U.S. crypto exchange dropped to settle down 14%. It began trading at $381 per share in its primary listing soon ere 1:30 p.m. in New York and soared as high as $429 in the initial 10 minutes of trading. It concluded at $328.28. Bitcoin plunged to its session low when Coinbase took a reversal ere paring losses. During the Asian session today, the BTC/USD was trading around $63,160 in Hong Kong.

However, the reason for the bearish BTC could be tied to the mixed U.S. dollar. The U.S. dollar extended its worst back-to-back weekly drop amid an extended decline in Treasury yields as the Federal Reserve demanded keeping an accommodative policy position for a while longer.

BTC/USD Intraday Technical Levels

Support Resistance

61106.0 64724.0

58694.0 65930.0

57488.0 68342.0

Pivot Point: 62312.0

BTC/USD - Technical Outlook

The BTC/USD is trading at 62,580 level, holding above a strong support level of 61,621 level. On the 4-hour chart, the BTC/USD pair has formed an upward trendline that is supporting the pair at the 61,620 level. A bearish breakout of this support level opens up additional room for selling until the next support area of 59,400. The leading indicator RSI (Relative Strength Index) is crossing below 50 levels, suggesting selling trend continuation in Bitcoin. The lagging technical indicator such as the 20 & 50 EMA (Exponential Moving Average) indicates a bullish trend. However, we can also see on the 4-hour chart, Bitcoin is trying to cross below 20 EMA, and if it happens, the 61,250 and 59,400 could be more appealing support for the Bitcoin investors. All the best!


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