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Bitcoin enters cooling period post halving

By April 22, 20242 minute read

Bitcoin is looking at two support zones at $60,775 and $59,600 range. The tussle between bulls and bears are intensifying with the token on the brink of a selling pressure.

Its current moving averages suggest the pair may trade within $60000 and $70000. To pave the way for a rally to $84,000, bulls need to overcome overhead resistance. With a bullish crossover on the 4-hour chart, bulls hold the upper hand. However, a downturn below moving averages could indicate aggressive selling, with potential downside target at $63,000.

The Exponential Moving Average for a 10-day EMA indicates ‘Buy’ at 65542, and a 200-day EMA indicates ‘Buy’ at 51074. The Simple Moving Average for a 10-day SMA indicates ‘Buy’ at 64526, and a 200-day SMA indicates ‘Buy’ at 47912.

The Ichimoku Base Line, valued at 66193, continues to be neutral. The Hull Moving Average indicates ‘Buy’ at 66816. The Volume Weighted Average indicates ‘Buy’ at 66199

The Relative Strength Index (14) sits at 52, indicating ‘Neutral’. The Stochastic %K (14, 3, 3) at 54 indicates ‘Neutral’ and the Average Directional Index (14) at 21 indicates a ‘Neutral’ outlook. 

The MACD Level (12, 26), at -513, indicates ‘Sell’. The Stochastic RSI Fast (3, 3, 14, 14) at 64 indicates ‘Neutral’ and the Williams Percentage at -38 indicates ‘Neutral’.

As of 10:00 AM, 22nd April 2024, on WazirX, Bitcoin’s price was ₹59,35,002. Its price has increased by almost 0.20% in the last hour and 1.61% in the last 24 hours. In the past seven days, Bitcoin has increased by 3.1%.

Ethereum (ETH) is trading at ₹2,86,250, down by 0.09% in the last 24 hours. The 7-day ETH is down by 3.8%.

The top gainers on WazirX include ONT, ARKM, and TLOS, with price increases of 44.84%, 32.64%, and 31.07%, respectively.

However, the tokens that underperformed comprised XLD, BCUT, and CKB, with a price decrease of 26.65%, 18.52%, and 5.96%, respectively.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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