Technical Analysis for BTCUSD for 12th April 2022
Bitcoin Breaks Below a Critical Support Trend Line, BTC Risks Falling to $38k
Past Performance of BTC
The BTC price is quickly dropping from 2022 highs of around $48.5k in a bear continuation pattern. At press time, the coin is down 15 percent in the previous trading week, breaking below a critical support level as bears press lower.
Bitcoin Technical Analysis
BTC is down 15 percent from 2022 highs, breaking below the multi-week support trend line connecting January and March 2022 lows. Since sellers are in the driving seat, risk-off traders may find entries on every retracement. A confirmation of yesterday's losses would comprise a bear breakout and likely trigger a sell-off towards $38k, marking March 2022 lows. Risk-averse traders would, afterward, double down on shorts. Conversely, an unexpected high-volume reversal of the April 11 close pushing prices above last week's lows at around $42.5k may see BTC recover back to above $44.5k, a reprieve for optimistic bulls.
What to Expect from BTC
After a 47 percent surge from 2022 lows, BTC is cooling off as expected. As Bitcoin drops below the multi-week support trend line, the coin could sink further to $38k in a bear continuation pattern.
Resistance level to watch: $42.5k
Support level to watch: $40k
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.
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.