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

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