This website uses cookies to ensure you get the best experience on our website

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020