Technical Analysis for BTCUSD for 5th April 2022
Bitcoin Slips, Consolidates Below $48.5k
Past Performance of BTC
The Bitcoin price is under a tight trade range, consolidating above the $40k level mark as sellers threaten to slow down aggressive and optimistic bulls. BTC is steady at spot rates versus the USDT on the previous trading day. However, buyers have the upper hand provided BTC is above the $44.5k level.
Bitcoin Technical Analysis
BTC prices are moving inside a tight trade range, with caps at $48.5k on the upper hand and $44.5k on the lower end. The bullish breakout pattern of late March 2022 is still valid as per the candlestick arrangement in the daily chart. Depending on the breakout direction, the recent breakout would be a bear trap or a bullish continuation pattern if the close is above the $48.5k resistance level. A high volume close below the support zone between $42.5k and $44.5k may force BTC back to the $40k—a psychological support level.
What to Expect of BTC
BTC bulls are exhausted, consolidating in the immediate term and printing lower lows versus the upper BB. Depending on the breakout direction, BTC could float higher or dump back to medium-term psychological support levels.
Resistance level to watch: $48.5k
Support level to watch: $44.5k
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