Technical Analysis for BTCUSD for 27th April 2022
Bitcoin Tumbles, Sell-off May Force BTC to $35k and Q1 2022 Lows
Past Performance of BTC
The thrill following Bitcoin's fundamentally-triggered upswing quickly fizzled on April 26 when BTC fell below $39k to retest last week's lows. Currently, BTC is down a massive five percent versus the USDT and on the cusp of registering new April lows in a bear trend continuation pattern after an extended distribution period traced to mid-April.
Bitcoin Technical Analysis
There is a bearish engulfing bar visible in the daily chart pointing to intense liquidation pressure.
Of note, gains posted in the late New York session on April 25 were sharply reversed as sellers ran riot.
With the April 26 bear bar wide-ranging and backed by relatively high trading volumes, the odds of sellers taking over are high.
Sellers may begin unloading if BTC prices fail to recover above $40k, especially if prices slide below $38k. In that likelihood, Bitcoin may easily tank to $35k—or worse, registering new 2022 lows.
What to Expect from BTC
Sellers are in control as per the candlestick arrangement in the daily chart. The recovery back to last week's trade range offered a chance for aggressive sellers to liquidate and mirror the trend set on April 11. Per the current setup, price action favors sellers provided prices are below the psychological $40k mark.
Resistance level to watch: $40k
Support level to watch: $35k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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