FX.co ★ BTC update for April 11,.2022 - First downside objective reached, potential for further drop

Technical analysis:

BTC has been trading downside as I expected. The price reached my first downside objective at the price fo $41.100. I still see potential for further downside and new downside objective.

Trading recommendation:

Due to the breakout of the contraction in the background and strong selling pressure, I see potential for further drop.

Watch for potential selling on the intraday rallies with the next downside objective at $38.000.

Stochastic and MACD oscillators are showing negative readings with not signs for the reversal.

Key short-term resistance is set at $42.100