Bitcoin (BTC) Perpetual Contract Price Analysis: April 24
- On April 24, the bullish BTC price analysis is at $48316.69.
- BTC’s bearish market price analysis for April 24, 2022, is $33155.06.
- Bitcoin’s MA shows a downward trend.
In Bitcoin Perpetual Future (BTC) price analysis on April 24, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency.
A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date.
Bitcoin (BTC)
Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers around the world. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain.
Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin.
When Bitcoin was first launched it was possible to almost instantaneously mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive.
Bitcoin (BTC) Price Analysis
BTC price analysis on April 24, 2022, is explained below with an hourly time frame.
Ascending channel patterns or rising channels are short-term bullish in that a stock moves higher within an ascending channel. But these patterns often form within longer-term downtrends as continuation patterns. It is formed from two positive sloping trend lines drawn above and below a price series depicting resistance and support levels respectively. To construct an ascending channel pattern, an analyst should draw the lower line first, called the trendline, that touches at least two lows. Then a higher line is drawn in parallel to the first line across at least two highs. An ascending channel is an uptrend that moves between very accurate limits.
Currently, the price of BTC is $39750.12. If the pattern continues, the price of BTC might reach the resistance level of $48316.69 and the buy level of BTC is $44819.53. If the trend reverses, then the price of BTC may fall to $33155.06.
Bitcoin (BTC) Moving Average
The BTC’s Moving Average (MA) is shown in the chart below.
Currently, BTC is in a bearish state. However, BTC’s price lies below 50 MA (short-term), Furthermore, BTC also lies below 200 MA (long-term). Moreover, there is a high possibility of a Trend reversal at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/bitcoin-btc-perpetual-contract-price-analysis-april-24/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
