BTC/USD Forex Signal Today 21/04: Breakout Setup (Chart)

(MENAFN- Daily Forex) Bullish view

• Buy the BTC/USD pair and set a take-profit at 88,500.
• Add a stop-loss at 83,500.
• Timeline: 1-2 days.

Bearish view

• Sell the BTC/USD pair and set a take-profit at 83,500.
• Add a stop-loss at 88,500

Bitcoin price has remained at a consolidation phase in the past few weeks. The BTC/USD pair remains inside the 84,000 and 85,000 levels. It has jumped from the year-to-date low of 74,428 earlier this month.

Bitcoin has wavered as investors watch the ongoing tensions between Donald Trump and Jerome Powell. In an interview in Chicago last week, Powell insisted that his job was a matter of law. He was answering a question on whether he will resign amid pressure by Trump.

Trump has expressed his concerns about Powell for not cutting interest rates even as recent data showed that inflation was moving downwards. Kevin Hassett, a top officia,l has also insisted that Trump was studying whether there was basis in law for him to fire Powell.

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If he fires Powell, there is a likelihood that the case will move up to the Supreme Court. If that decision is upheld, it means that any president will have the power to fire a central bank governor, which will further erode trust in the US dollar, boosting the price of Bitcoin.

Bitcoin has done better than US stocks recently. It has remained in a consolidation phase in the past few days as the S&P 500 and Nasdaq 100 indices have dropped and formed a death cross, pointing to more downside this year.

EURUSD Chart by TradingViewBTC/USD technical analysis

The four-hour chart shows that Bitcoin bottomed at $74,430 earlier this month. It then formed a double-bottom pattern there, and then moved above the neckline at $81,180

The BTC/USD pair has slowly formed a bullish pennant pattern, a sign that it will soon have a strong bullish breakout. This pattern has a tall vertical line and a symmetrical triangle, and a bullish breakout happens when the two trendlines near their confluence level.

The pair has moved above the 50-period and 100-period moving averages, a sign that bulls are in control for now.

Therefore, with the two lines of the triangle patterns nearing their confluence, there is a likelihood that the BTC/USD pair will have a strong bullish breakout, with the initial target being at 88,585, the highest point in April last year. A strong drop below the support at 83000 will invalidate the bullish view.

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