Bitcoin analysis for April 6, 2021
Looking at the graph on the four-hour time frame, we see that we haven’t moved much since yesterday and that we are still testing the zone around $ 60,000 as if some stronger impulse for an explosive price shift is waiting. Movable cuts are on the bullish side, but the price oscillates around them, so they are of no help. By drawing trend lines, we see that Bitcoin has retested the break zone outside the triangle a couple of times and that the bottom line provides good support, and if we see a pullback, it can be an important point on the chart.
The MACD indicator says that we are slowly returning to the positive bullish side, which awaits us in the short term. The blue MACD line made a break above the signal line, and now we need to climb above the zero points to start a positive histogram on the chart.
On the daily time frame, we have been consolidating for the last week, but above the moving averages, we are still considering continuing the bullish scenario. As on the H4 and here, when we look at the MACD indicator, we have the same break of the blue MAD line above the signal line as confirmation that we are still in the bullish trend in this consolidation. For the bearish scenario, we need a drop below the moving averages and the first support to $ 56,500 to think about lower levels later.
Wall Street megabanks Morgan Stanley and Goldman Sachs dive deep into digital assets with new Bitcoin investment products. Goldman announced plans this week to offer more crypto investment vehicles, citing demand from a “large contingent of clients.”
Meanwhile, Morgan Stanley said that a dozen of their mutual funds would give the possibility of indirect investment in Bitcoin. This rapid pace of adoption on Wall Street reflects what Soros Fund Management’s chief investment officer has identified as a “turning point” caused by growing inflation fears.
Given that global markets are optimistic after the S&P 500 surpassed 4,000 for the first time, it’s easy to imagine that both Bitcoin and Ethereum will jump to new highs next week. Currently, however, Bitcoin is still constrained by sales pressure of 60 thousand dollars. As this level is now tapped a handful of times, we could expect a possible break to release a powerful upward jump, adding to the bullish feel created by Ethereum finally breaking through $ 2K.
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