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 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.

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