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Bitcoin Technical Analysis Report | 02-May-2022 

BTC has been trading below the psychological level of $40k over the past week with low volumes. The weekends were choppy as the asset witnessed a fall on Saturday and recovered on Sunday.  BTC is up by 1.68% over the past 24 hours. Its dominance is currently at 42.25% and the market capitalization is $736bn.
 

At the time of writing, BTC was trading at $38,678.


BITCOIN slipped below $38,750 (61.8% Fibonacci Retracement Level) and dropped to $37,386. The asset has taken multiple support around $37,300 in the past and this time too, it did exactly the same. Technically, on a daily chart, BTC is forming a falling wedge pattern. However, the RSI has formed a positive divergence. If the price closes and sustains above the resistance line of the wedge we can expect it to surge up to $41k to $41.5k levels whereas a break or close below the support will lead to further downfall and the prices can slide to $37k – $35k levels. 


Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$35,500$38,500BTC$40,000$45,500

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions rdor conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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