FX.co - BTC update for April 08,.2022 - Potential for bigger drop

8 April 2022 at 7:49AM (UTC+0)

Relevance until9 April 2022 at 7:49AM (UTC+0)

Technical analysis:

BTC update for April 08,.2022 - Potential for bigger drop

BTC has been trading sideways at the price of $43.500. There is potential for the bigger drop and the downside continuation.

Trading recommendation:

Due to strong downside cycle in the background and symmetrical triangle in creation, I see potential for the downside continuation.

Watch for potential selling opportunities in case of the downside breakout of triangle.

Downside objective is set at $41.100

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Resistance is set at the price of $44.300

*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 08,.2022 - Potential for bigger drop