#Bitcoin Prices Boxed in a $3k Range, #BTC Bears in Control
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.
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:
42KSupport level to watch out for: 38k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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