BTCUSD SIGNAL 07-04-22 : Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K.

0
353
BTCUSD SIGNAL

BTCUSD SIGNAL 07-04-22 : Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K.

  • Bitcoin gained bearish momentum after it broke the $45,000 support zone.
  • The price is trading below $45,000 and the 100 hourly simple moving average.
  • There are two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend decline towards the $42,000 level in the near term.

Bitcoin price started a major decline from the $47,000 resistance zone. BTC traded below the $46,000 and $45,500 support levels to move into a bearish zone.

BTCUSD SIGNAL : The price even broke the $45,000 support level and settled below the 100 hourly simple moving average. Finally, it spiked below the $43,000 level and traded as low as $42,904. It is now consolidating losses near the $43,000 level.

On the upside, an immediate resistance is near the $43,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low. There are also two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair.

BTCUSD SIGNAL : The next resistance could be near $44,250. The main resistance is now forming near $45,000 or the 50% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low.

Bitcoin price must clear the $44,800 and $45,000 resistance levels to start a fresh increase. In the stated case, the price may perhaps rise towards the $46,000 resistance zone.

Confuse Which Broker is best ? , Here you can find the best regulated broker.

LEAVE A REPLY

Please rate*
Please enter your comment!
Please enter your name here