Technical Analysis for BTCUSD for 18th April 2022
Bitcoin Bear Breakout Continuation Formation, BTC Bears Target $38k
Past Performance of BTC
After flat-lining inside a tight trade range within the April 11 bear candlestick, BTC is now breaking lower. The coin is down four percent in the previous trading day and within a bear breakout formation below a multi-week support trend line. Technically, sellers have the upper hand as long as prices are below $42.5k and within the wide-ranging trend defining bar of early last week.
Bitcoin Technical Analysis
The path of least resistance is southwards. With bears conclusively confirming losses of April 1, sellers are firmly in control. Until there is a clear close above $42.5k, back above the ascending wedge, bulls will stand a chance. However, presently the trend is defined, and traders are doubling down on their shorts with the possibility of BTC trickling lower towards $38k in a bear continuation formation.
What to Expect from BTC
Bitcoin's high rate of adoption is positive--which is bullish. Nonetheless, sellers have the upper hand following losses below last week’s lows. With BTC slumping, the odds of the coin dropping towards $38k is high.
Resistance level to watch: $39.3k
Support level to watch: $38k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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