Technical Analysis for BTCUSD for 28th April 2022
Bitcoin in a Bear Breakout, BTC Resistance at $40.6k
Past Performance of BTC
Although Bitcoin bulls are struggling against firm bears, BTC prices are surprisingly stable at spot rates against the USDT, soaking the selling pressure of April 26. The coin, nonetheless, remains in a bear breakout formation. It is within the bear bar of April 26, moving in a tight trade range.
Bitcoin Technical Analysis
As per the BTCUSDT candlestick arrangement in the daily chart, sellers are in the driving seat. Sharp gains of early this week were quickly reversed on April 26 as the wide-ranging high volume bear bar forced prices below $38. Though BTC is steady when writing, sellers are in control. Notably, prices are inside the bear candlestick of April 26. As such, every high offers an entry for sellers to unpack, targeting $35k—or lower, in the immediate term in a bear breakout pattern from the extended consolidation from April 11. Unexpected gains above $40.6k may lift BTC back towards the upper range of the recent sideways movement at around $45k.
What to Expect from BTC
Bitcoin adoption is relatively high vis-à-vis other crypto assets. This is a net positive. However, after solid gains in the past two years, BTC appears to be overstretched and may retrace in coming months.
Resistance level to watch: $40.6k
Support level to watch: $35k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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