Bitcoin (BTC) – Attempting to mold a foothold just above the critical 37,600 – 37,100 support area

Bitcoin (BTC) – Attempting to mold a foothold just above the critical 37,600 – 37,100 support area

Bitcoin (BTC) started the day with a strong positive note on Thursday, stretching the previous session’s minor recovery, and looks like attempting to mold a fresh foothold just above the critical 37,600 – 37,100 support area.

However, the crypto-king is holding just below the Tenkan-sen line which is still sloping southwards well underneath the Kijun-sen line, indicating that negative forces have not yet subsided while the oscillators are sending mixed signals in directional impetus. The MACD is declining below both its signal and zero lines, while the IMI improved lately and nudged back beyond its neutral threshold. Meanwhile, the stochastics %K has been see-sawing back and forth of the %D line, providing little clues about the next directional movement.

All the above conflicting messages suggest that some consolidation could take place in the coming few sessions.

Nevertheless, following a clear close above the Tenkan-sen line at 40,340, a more important battle could take place around the April 21^st high of 43,000, overlapping with the Ichimoku cloud and the Kijun-sen line. Rising further, the price could reach February’s peak of 45,900 before visiting the March 28^th top of 48,200. A sustainable thrust higher here will upgrade the medium-term technical picture.

On the other hand, if selling pressures re-emerge, the 37,600 – 37,100 support region could come once again to the defense. If it fails to hold, the decline could stretch towards the 34,300 – 33,000 zone.

Overall, Bitcoin traders are looking somehow indecisive at the current stage, waiting for a drop below 37,100 or a jump beyond 43,000 to adjust their exposure accordingly.