Past Performance of Bitcoin
BTC prices continue to consolidate at spot rates, boxed within the April 11 bear candlestick as cool-off continues. Technically, #Bitcoin bears are under pressure despite the higher highs versus the lower BB. As long as prices are steady above $38k, buyers stand a chance. However, a comprehensive break above April 11 highs would signal a new shift in trend favoring buyers.
Bitcoin Technical Analysis
From the daily chart , sellers appear to be in charge. Ideally, buyers can begin buying the dips if there is a solid, high volume close above $42k and April 11 highs. This breakout will draw more bulls and reverse the bear breakout formation pattern of early April, defining a new price trajectory for the coin. On the flip side, despite the confidence exuded by traders, a dump below $38k may create panic. A sell-off could easily see #BTC fall to $36.5k—a key reaction point in April 2022—and later Q1 2022 lows, in a bear breakout continuation pattern.
What to Expect from Bitcoin?
BTC is consolidating, stuck in a tight trade range defined by the April 11 bear bar. Still, buyers are confident. Nonetheless, this outlook will be squashed if prices melt below $38k.
Resistance level to watch out for: $42k
Support level to watch out for: $38k
Disclaimer: Opinions expressed are not investment advice. Do your research.
