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Analyst suggests swing trading Bitcoin is the best move as BTC price dips below $40K

Published 04/21/2022, 07:30 PM
Updated 04/21/2022, 09:20 PM
Analyst suggests swing trading Bitcoin is the best move as BTC price dips below $40K
TWTR
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BTC/USD
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BTC/USD
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Bitcoin (BTC) price flashed bullish for a brief moment, possibly tricking some traders into opening longs, before plunging back below $40,000 in evening trading hours. Let's take a quick look at what traders think about the current price action and whether or not today's brief break out was nothing more than test of overhead resistance.

BTC/USDT 1-day chart. Source: TradingView

Analysis of Bitcoin's weekly price action was discussed by crypto trader and pseudonymous Twitter (NYSE:TWTR) user ‘Rekt Capital’, who posted the following weekly chart noting that “Bitcoin is now hovering below the green 21-week and blue 50-week bull market exponential moving averages (EMA).”

BTC/USD 1-week chart. Source: Twitter
BTC/USD vs. Nasdaq futures. Source: Refinitiv
BTC/USD 4-hour chart. Source: Twitter
Bitcoin confluence floor model. Source: Twitter

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