Technical Analysis for BTCUSD for 26th April 2022
Bitcoin Rebound, BTC Critical Support at $38k
Past Performance of BTC
BTC is back in green at spot rates, recovering and assuaging fears. Still, prices are in a tight $3k trade range, consolidating inside the April 11 bear candlestick. Technically, this formation is bearish despite current optimism. However, the tide could change if there is a high-volume, wide-ranging bull bar above $42k. Currently, BTC is up four percent in the previous trading day and stable in the past trading week versus the USDT.
Bitcoin Technical Analysis
BTC prices are back in a sideways movement within the April 11 bear candlestick. Notably, participation levels are high but lower than those of the defining bear bar. Therefore, sellers have the upper hand from a volume analysis. A close below $38k could easily mark another wave that may drive BTC back to Q1 2022 lows, or $30k in a bear trend continuation pattern initiated from early November 2021. At spot rates, aggressive traders may load on dips, riding with the three-bar bullish formation following the bullish engulfing bar of April 25.
What to Expect from BTC
Overall, Bitcoin has macro headwinds following the FED's decision to tighten. The expected rate hike in May 2022 could see BTC recoil, slowing down bulls, even with the confidence following Elon Musk’s Twitter takeover.
Resistance level to watch: $42k
Support level to watch: $38k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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