Technical Analysis for BTCUSD for 14th April 2022
Bitcoin Undervalued after Plunging 18%, BTC Finds Support at $39.2k
Past Performance of BTC
The Bitcoin price is relatively stable at spot rates, adding three percent versus the USDT. BTC remains within a bear breakout formation with an immediate resistance level at around $42.5k and later $44.5k. Still, buyers are optimistic that the deep losses of early this week would be short-lived and BTC prices recover as the undervaluation of April 12 is corrected.
Bitcoin Technical Analysis
BTC is within the April 11 trade range, steady and bouncing back from this week's lows of around $39.2k.
Notably, the April 12 candlestick is below the lower BB, suggesting possible undervaluation. The follow-through on April 13 is a confirmation of strength and resilience.
Nonetheless, provided Bitcoin prices are capped within the bear engulfing bear candlestick of early this week, sellers may find opportunities to dump on pullbacks with targets at $39.2k and later $38k.
Further gains above $42.5k driving prices above the support trend line would be a net positive for optimistic bulls.
What to Expect from BTC
Technically, BTC bulls are firm. However, the immediate candlestick formation favors sellers. Still, if prices are sustained above $39k, buyers have a chance, concluding the April 11 bear candlestick as climactic.
Resistance level to watch: $42.5k
Support level to watch: $39.2k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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