{"id":12278,"date":"2022-04-26T11:19:06","date_gmt":"2022-04-26T15:19:06","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=12278"},"modified":"2022-04-26T11:55:15","modified_gmt":"2022-04-26T15:55:15","slug":"btc-mixed-signals","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/btc-mixed-signals\/","title":{"rendered":"Bitcoin Swing Trading: Why You May Want to Pass on Trading $BTC Right Now"},"content":{"rendered":"\n
\"$BTC<\/figure>\n\n\n\n

Bitcoin formed another bullish reversal pattern on April 25, but this time the King of Crypto may be stuck in “no man’s land” in the short-term. Here’s why…<\/h2>\n\n\n\n

In the April 18 issue<\/a><\/strong> of Morpheus Crypto Report<\/a><\/em>, we showed you that Bitcoin ($BTC) formed a bullish reversal candle after undercutting support and rallying back above “psychological resistance” at the 40,000 level on April 18.<\/p>\n\n\n\n

That bullish reversal day triggered a new, short-term buy signal, and prompted us to buy $BTC in the Morpheus Crypto<\/a> portfolio that day.<\/p>\n\n\n\n

However, we also warned that $BTC could still pullback after rallying into key resistance of its 50-day moving average around 42,100–and that’s exactly what happened<\/em>!<\/p>\n\n\n\n

$BTC initially blasted through its 50-day MA on April 21, but failed to hold the breakout for more than a few hours before selling pressure caused the price to slide lower.<\/p>\n\n\n\n

The failed breakout attempt at the 50-day MA attracted further selling, which weighed heavily on Bitcoin and most altcoins for four more days.<\/p>\n\n\n\n

Bearish price action began intensifying on April 25, initially causing $BTC to plunge below the low of its April 18 reversal day.<\/p>\n\n\n\n

However, the bulls stepped in, reversed the bearish momentum, and pushed Bitcoin back above that pivotal 40,000 level again.<\/p>\n\n\n\n

As such, $BTC formed another bullish reversal day on April 25; exactly one week after the formation of the previous one.<\/p>\n\n\n\n

\"$BTC<\/a>
Press chart to view larger size<\/em><\/figcaption><\/figure>\n\n\n\n

The April 25 reversal day, confirmed by higher volume, technically shifts the short-term balance of power back to the bulls.<\/p>\n\n\n\n

Nevertheless, a lot of overhead supply has been created in the wake of the recent sell-off sparked by the bearish reversal at the 50-day MA.<\/p>\n\n\n\n

Perhaps more importantly, Bitcoin continues moving in sync with the US stock market–and that’s not good considering the current technical state of US stocks.<\/p>\n\n\n\n

It’s unlikely the $BTC reversal bar would have formed on April 25 if the Nasdaq would have failed to bounce that day.<\/p>\n\n\n\n

Furthermore, the April 25 bullish reversal day may be unable to follow through<\/strong> IF<\/em> recent, heavy selling pressure in the Nasdaq remains in the coming days. <\/p>\n\n\n\n

With $BTC caught between a rock and hard place right now, we are currently in “SOH mode” (sitting on hands).<\/strong><\/p>\n\n\n\n

However, if Bitcoin price action continues improving, then we will cautiously<\/em> seek new crypto swing trade entries<\/strong> in setups with low-risk entry points and positive risk-reward ratios.<\/p>\n\n\n\n

As always, we will promptly send a crypto trade alert to Morpheus Crypto members with our exact entry and stop prices for any new trade entries.<\/p>\n\n\n\n

Not yet a Morpheus Crypto member? Just SIGN UP HERE<\/a><\/strong> to get started now. <\/em><\/p>\n\n\n\n

Want to learn more about the service first? Press here<\/a> to see actual recent past issues of Morpheus Crypto Report.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin formed another bullish reversal pattern on April 25, but this time the King of Crypto may be stuck in “no man’s land” in the short-term. Here’s why…<\/p>\n","protected":false},"author":1,"featured_media":12274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[786],"tags":[],"class_list":["post-12278","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\/12278","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=12278"}],"version-history":[{"count":3,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12278\/revisions"}],"predecessor-version":[{"id":12294,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12278\/revisions\/12294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/12274"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=12278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=12278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=12278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}