This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

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


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020