Technical analysis by Madrid about Symbol BTC: Buy recommendation (4/7/2022)

Bitcoin held its support level at 35K, which allowed this market to try to break the trading range between 35K and 45K to reach levels above 47K. It pierced the 200ma momentarily to go back to its 43K support level where there is a narrow ribbon supporting the price. This is a good signal since this means it is concentrating energy and it could ignite a rally to the upside. The Bar Evolution indicator shows that the uptrend rally was temporarily stopped (the two red bars at the end of the indicator), however it is holding at the mid channel level, this is support. Worst case scenario it could pierce the channel to the downside and still maintain the uptrend at the support channel line which matches the 37K support level. "Everything you need to know is right in front of you" -Jesse Livermore