Technical Analysis for BTCUSD for 7th April 2022
Bitcoin Caves In, BTC Sellers Aiming at $42.5k
Past Performance of BTC
After a period of sideways movement, BTC has broken out to the downside, shaving six percent in the previous trading day. Based on the performance in the daily chart, traders may find selling opportunities on every retest of the immediate resistance level at $44.5k.
Bitcoin Technical Analysis
The BTC price is under intense selling pressure at spot rates. Down six percent against the USDT, the coin is trading in bear breakout formation. The recent sideways movement proved to be a distribution and encouraging gains towards $48.5k, a bull trap. Subsequently, as BTC finds a new price trajectory, traders may unload on every pullback towards $44.5k with immediate targets at $42.5k and $40k in the short term. Bitcoin bears are already retesting the middle BB, pointing to developing bear momentum.
What to Expect of BTC
In a distribution and a subsequent bear breakout formation, BTC is giving up gains when writing. As a result, aggressive traders may ride the newfound trend while aiming at $40k—the round number in the medium term.
Resistance level to watch: $44.5k
Support level to watch: $42.5k
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