18th April 2022 | ZebPay Trade-Desk
Bears have gained control, as markets have been in a consolidation phase, and try to recover from the slump. Bitcoin (BTC) is down 5.5% week on week, and its dominance has fallen below 1%, currently at 40.8% and the market capitalization is $758bn. The asset has fallen below the psychological level of $40k.
At the time of writing, BTC was trading at $39,200.
BITCOIN was trading sideways in a narrow range between $39,500 to $40,750 over the weekend. Technically, on a weekly chart, after making a Doji candle at the recent high of $48,240, the asset is moving down by forming a ‘Lower high Lower Low’ pattern. BTC has strong support at $39,500, if it closes and sustains below the support then we can expect further downfall and the prices can slide to $37k to $35k levels. If the bulls defend these levels then we can expect a bounce and a relief rally.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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