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.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $35,500 | $39,500 | BTC | $45,000 | $52,500 |
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, or 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 cryptos 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.
