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Technical Analysis for BTCUSD for 13th April 2022

Bitcoin Bulls Shredded, BTC May Dump Another 10% to $36k

Past Performance of BTC

There were flashes of strength in the European and early NY session on April 12 before BTC prices fell. At spot rates, sellers are firmly in control as per the arrangement in the daily chart. Notably, BTC is within a bear breakout formation, dropping below a primary support trend line. Week-to-date, Bitcoin is down 11 percent versus rampant USDT bulls.

Bitcoin Technical Analysis

The path of least resistance is southwards. Despite confidence sparked by fundamental developments, Bitcoin has recoiled, snapping back to the primary bear run. Currently, BTC is within a bear breakout formation below the multi-week support trend line. With the long upper wick of April 12 suggesting strong selling pressure, every pullback towards $42.5k and the trend line could present a liquidation opportunity. The immediate bear target is $38k—marking March 2022 lows—and $36k—the 78.6 percent Fibonacci retracement level of the January 2022 lows and early April swing highs.

What to Expect from BTC

Bitcoin is dumping at spot rates, sliding below crucial support levels. Unless there is an unlikely sharp spike above $42.5k reversing April 11 losses, bears would likely force BTC towards Q1 2022 lows.

Resistance level to watch: $42.5k

Support level to watch: $38k

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

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