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In Bitcoin (BTC) price analysis on April 8, 2021, we use price patterns, and Moving Average about BTC to analyze the future movement of the cryptocurrency.
Bitcoin is a decentralized digital currency which was created in January 2009. It follows the ideas mentioned in a white paper by the mysterious and nicknamed Satoshi Nagamoto. The identity of the person(s) who created the technology is still a mystery.
Bitcoin promises to offer lower transaction fees than traditional online payment mBTCods, and is powered by a decentralized authority, unlike government-issued currencies.There are no physical bitcoins, only balances placed in a public ledger that is publicly accessible to everyone.
All Bitcoin transactions are verified by a large amount of computer power through a process called “mining”. Bitcoin is not issued or supported by any banks or governments, nor is it valued as an individual bitcoin commodity.
Although not legal in most parts of the world, bitcoin is very popular and has led to the launch of hundreds of other cryptocurrencies, collectively known as altcoins. The abbreviation of Bitcoin is “BTC” when trading.
BTC price analysis on April 8, 2022 is explained below with a hourly time frame.
BTC/USDT Descending Channel Pattern (Source: Tradingview)
A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline.
The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by trendline support the series of lower lows and a diagonal resistance level connecting the lower highs.
Currently, the price of BTC is $43,539. If the pattern continues, the price of BTC might reach the resistance level of $43,890 and buy level of BTC is $43,368. If the trend reverses, then the price of BTC may fall to $42,980.
The BTC’s Moving Average (MA) is shown in the chart below.
BTC MA (Source: Tradingview)
Currently, BTC is in a bearish state. Notably, the BTC price lies below 50 MA (short-term) and 200 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of BTC at any time.
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