Technical Analysis for BTCUSD for 29th April 2022
Bitcoin Rebuffs Sellers, will the $40.5k BTC Ceiling Cap Bulls?
Past Performance of BTC
Bitcoin is resilient, rebuffing determined bears and steady above this week's lows as per the formation in the daily chart. The coin is relatively stable on the previous trading day, adding three percent against the USDT but still in negative territory week-to-date. BTC is also trading inside the April 26 bear candlestick. However, the inability of bulls to reverse losses swings price action to favor bears in the short-term, especially if BTC is pinned below $40.5k.
Bitcoin Technical Analysis
The world's most valuable currency is in bear territory at spot rates, trading in a breakout formation after an extended sideways movement. Even though BTCUSDT prices rejected lower lows, they are still trending inside the trend-defining bar of April 11. Therefore, from a volume analysis, sellers are in control. It will especially be the case now that BTC is below $40.5k and below this week's high. Every high may encourage aggressive sellers to unload, targeting $35k in the short term.
What to Expect from BTC
Bears are still in control even as BTC finds adoption. The coin is in a bear breakout formation with caps at $40.5k. As long as prices are boxed within the April 26 bear bar, the coin may slide, aligning with the trend set early this week.
Resistance level to watch: $40.5k
Support level to watch: $37.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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