Technical Analysis for BTCUSD for 11th April 2022
Bitcoin Slides 8% but still Within an Ascending Channel
Past Performance of BTC
The Bitcoin price is within the April 8 bear bar, stable on the previous trading day but down eight percent in the last trading week.
As per the BTC candlestick arrangement in the daily chart, sellers have the upper hand at spot rates from an Effort versus Result perspective.
The immediate resistance level is $44.5k, while deeper losses below the late week's low may see BTC crumble towards $40k.
Bitcoin Technical Analysis
Bitcoin prices may be within a rising channel from 2022 lows at spot rates. However, the failure of bulls to clear $48.5k and $50k, falling from March 2022 highs to spot rates, indicates weakness. Thus far, the primary support trend line connecting key reactionary points in January and March 2022 could prove definitive in the medium term. Depending on how BTC bears at this line, prices may either recover to March 2022 highs or dump faster towards $40k in a move confirming bears, driving BTC towards March lows of around $38k.
What to Expect of BTC
Bitcoin is at a crux at spot rates. After a bull trap, BTC is under pressure and may retest a multi-month support trend line.
Resistance level to watch: $44.5k
Support level to watch: $42.5k
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