{"id":12198,"date":"2022-04-19T12:36:20","date_gmt":"2022-04-19T16:36:20","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=12198"},"modified":"2022-04-19T14:42:36","modified_gmt":"2022-04-19T18:42:36","slug":"btc-bullish-reversal-0422","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/btc-bullish-reversal-0422\/","title":{"rendered":"Bitcoin Forms Bullish Reversal Bar at Key Support Level"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-719x405.jpeg\" alt=\"$BTC logo\" class=\"wp-image-12206\" width=\"715\" height=\"400\" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin recently formed a bullish reversal pattern at key support, triggering our buy signal for a low-risk crypto swing trade entry. Here&#8217;s a quick walk-through of the buy setup.<\/h2>\n\n\n\n<p>In last week&#8217;s report, we said to keep an eye on Bitcoin ($BTC) as it tested the 50-day moving average.<\/p>\n\n\n\n<p>Later that day, $BTC confirmed the breakdown below the 50-day MA with a move down to 39,200 before finding short-term support.<\/p>\n\n\n\n<p>After a small bounce and several days of tight price consolidation, $BTC undercut support of its April 11 swing low, falling to a low of 38,500 (on April 18).<\/p>\n\n\n\n<p>However, buyers quickly stepped in and volume started surging, powering $BTC back above the key psychological support level of 40,000 once again.<\/p>\n\n\n\n<p>This price action created an <strong>important bullish reversal pattern on the daily chart<\/strong> <strong>of $BTC.<\/strong><\/p>\n\n\n\n<p>When an uptrending crypto has a multi-week pullback and then forms a bullish reversal bar, it often marks a significant low of the pullback.<\/p>\n\n\n\n<p>In this case, the bullish reversal bar also coincided with an undercut of the uptrend line off the January 2022 low.<\/p>\n\n\n\n<p>The daily chart of $BTC below shows the undercut and bullish reversal at key support:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-719x586.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"719\" height=\"586\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-719x586.png\" alt=\"$BTC reversal pattern\" class=\"wp-image-12162\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-719x586.png 719w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-110x90.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-768x626.png 768w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/BTC-reversal-1536x1251.png 1536w\" sizes=\"auto, (max-width: 719px) 100vw, 719px\" \/><\/a><figcaption><em>Press chart to view full-size<\/em><\/figcaption><\/figure>\n\n\n\n<p>Per our April 18 trade alert, we bought $BTC in the portfolio at 40,280 due to the bullish reversal on higher volume.<\/p>\n\n\n\n<p>Our stop is neatly placed just below the low of that reversal bar, as we would not want to see the price violate that level now.<\/p>\n\n\n\n<p>Overall, we like the positive risk-reward ratio for this crypto swing trade into the King of Crypto!<\/p>\n","protected":false},"excerpt":{"rendered":"<p><!-- wp:paragraph --><\/p>\n<p>This price action created an important bullish reversal pattern on the daily chart of $BTC.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>When an uptrending crypto has a multi-week pullback and then forms a bullish reversal bar, it often marks a significant low of the pullback.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n","protected":false},"author":1,"featured_media":12206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[786],"tags":[],"class_list":["post-12198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-picks-analysis"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=12198"}],"version-history":[{"count":4,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12198\/revisions"}],"predecessor-version":[{"id":12224,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12198\/revisions\/12224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/12206"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=12198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=12198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=12198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}