Technical Analysis for BTCUSD for 6th April 2022
Bitcoin Bulls Slowing Down, Unable to Break $48.5k
Past Performance of BTC
At spot rates, Bitcoin is stable versus the USDT as per the formation in the daily chart. The immediate support level stands at February 2022 highs of around $44.5k on the lower end, while the liquidation level is $48.5k on the upside. Despite the sideways movement and possible accumulation, Bitcoin is still in a bullish breakout pattern and trading at a one-month high.
Bitcoin Technical Analysis
BTC is in a $4k trade zone with identifiable reaction points at around $44.5k on the lower end and March 2022 highs on the upper end. While aggressive Bitcoin traders may load on every pullback above $44.5k, a clean breakout above March 2022 highs may see the coin soar in a buy trend continuation pattern—a relieving development since crypto traders are bullish. On the flip side, a dump below February 2022 could accelerate the sell-off to $42.5k and $40k. In light of this, risk-on traders can wait on the sidelines until there is a clear breakout, defining the immediate to medium-term price trajectory.
What to Expect of BTC
Bitcoin is in a momentum sapping sideways movement at spot rates. Even though traders are optimistic, the recent lower lows versus the upper BB seem to diffuse the upside momentum, slowing down bulls.
Resistance level to watch: $48.5k
Support level to watch: $44.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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