Bitcoin analysis for April 12, 2021
Looking at the chart on the four-digit time frame, we see that Bitcoin managed to make a break above $ 60,000. We are currently consolidating around this psychological level expecting the bullish trend to continue soon.
We have support in all moving averages along with the bottom line of trend support. The MACD indicator is on the bullish side, and we can expect a continuation of the bullish trend after this consolidation. Based on that, we are looking at $ 62,000 for Bitcoin, and a stronger bullish impulse can lead us to $ 64,000 for Bitcoin. If we see pullback support, we ask for $ 58000 for everything below; there are no indications for now.
Coinbase will start trading on Nasdaq next Wednesday under the code COIN. Its inclusion is expected to be one of the largest exchange IPOs. The value of the Company is inherently related to the price of the cryptocurrency, and as we all know, the crypto market has surpassed almost every other asset class in the last 12 months.
For Bitcoin, what is happening is good because it creates pressure on the buying side again, consolidates, and establishes a stable basis for the next big move in what is continuous improvement of the macro context. It is good for the crypto market because when Bitcoin trades like this sideways, it exposes altcoins to many investors.
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