Bitcoin remains under pressure

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On Tuesday, April 20, Bitcoin trading on the Binance exchange closed with growth. The price increased by 1.42% to $ 56425. Bitcoin remains under pressure as there is demand for alts paired with BTC. Against this background, the share of bitcoin dropped to 51.98%.

Also, among the negative factors for Bitcoin, it is worth highlighting the increase in the average commission in the Bitcoin network, which exceeded $ 60. This was due to a strong drop in hash rate due to power outages in China. As a result, with the same complexity and a decrease in the computing power of the network, the interval between blocks increased to 15 minutes.

On the hourly TF, consolidation lasts 77 hours. During this time, a triangular formation has formed. In terms of wave structure, it clearly fits a symmetrical triangle. There is not enough “E” wave to work it off.

The markup is done only for a single figure to show the structure. This is a crypto market, the price can exit the formation at any time. Moreover, there are many triangular formations on the market, and there are almost no ideal triangles (just so that everything is according to the rules of 3-3-3-3-3)

If sellers hesitate, the exit will be upward. The triangle will be in a different wave structure. Remember, when everyone sees the triangle, there may be a false exit downward followed by an upward reversal beyond the top of the "E" wave.

For wave "E" the target is 56385. If sales resume with renewed vigor, then the target can be considered the level of 50 thousand. When the price goes up, the target for buyers is at around 59250. According to the dynamics of TESLA shares, Bitcoin is expected to rise after April 22.

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Posted Using LeoFinance Beta



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