Technical Analysis for BTCUSD for 15th April 2022
Bitcoin Bulls Lose Momentum, BTC Bears Unwind Mid-Week Gains Targeting $38k
Past Performance of BTC
The Bitcoin price is on a slippery path when writing. After encouraging gains mid this week, BTC prices caved in on April 14 as sellers pressed lower.
At press time, BTC is down eight percent week-to-date, underperforming a resurgent greenback reading from the performance in the daily chart.
In the immediate term, sellers are in control. As such, Bitcoin could easily slide below this week's lows towards $38k—and worse in the medium term.
Bitcoin Technical Analysis
BTC is down 17 percent from March 2022 highs and could shed more if buyers fail to plug the drain. In the daily chart, BTC is within a bear breakout formation and in red, inside the bear candlestick of April 11.
The coin will remain under pressure as long as prices are below $42.5k and the multi-week support trend line. Subsequently, traders may find loading opportunities to unwind on pullbacks with targets at $38k and later $33k—marking Q1 2022 lows.
On the reverse side, a total reversal of April 11 losses may be the base of another leg up to $50k—or better.
What to Expect from BTC
In the long term, Bitcoin proponents are bullish. However, in the short term, BTC is bleeding and may post deeper losses, retesting 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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