FX.co - BTC update for April 06,.2022 - Strong downside prssure and potential for further drop

2022-04-06T16:57:40

Relevance until2022-04-07

Technical analysis:

BTC update for April 06,.2022 - Strong downside prssure and potential for further drop

BTC has been trading downside and second downside wave is in progress. I still see potential for further drop due to strong downside momentum.

Trading recommendation:

Due to strong downside momentum and new fresh low, I see potential for the downside continuation,.

Watch for potential selling opportunities on the rallies with the next downside objective at $41.000.

Stochastic is showing fresh bear cross, which is another sign for the potential downside movement.

MACD is still in the negative reading with new momentum down....

Key resistance is set at the price of $48.000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for April 06,.2022 - Strong downside prssure and potential for further drop